Granite Construction Incorporated (NYSE:GVA) Shares Sold by Bernzott Capital Advisors

Bernzott Capital Advisors trimmed its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 29.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,321 shares of the construction company's stock after selling 30,918 shares during the quarter. Granite Construction comprises 2.5% of Bernzott Capital Advisors' investment portfolio, making the stock its 25th biggest holding. Bernzott Capital Advisors owned 0.17% of Granite Construction worth $5,892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in GVA. Millennium Management LLC lifted its holdings in shares of Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company's stock valued at $159,221,000 after buying an additional 1,280,288 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Granite Construction by 637.4% in the 1st quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company's stock valued at $53,523,000 after buying an additional 809,803 shares during the period. Hood River Capital Management LLC acquired a new stake in shares of Granite Construction in the 2nd quarter valued at approximately $29,143,000. Russell Investments Group Ltd. raised its holdings in Granite Construction by 51.0% during the first quarter. Russell Investments Group Ltd. now owns 152,730 shares of the construction company's stock worth $8,725,000 after purchasing an additional 51,597 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in Granite Construction by 16.0% during the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company's stock worth $7,964,000 after purchasing an additional 17,738 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $61.00 to $70.00 and gave the stock a "sell" rating in a report on Wednesday, October 9th.

Insider Activity

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the business's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the completion of the sale, the senior vice president now owns 21,943 shares of the company's stock, valued at approximately $1,518,894.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.81% of the company's stock.

Granite Construction Price Performance

Granite Construction stock traded up $0.37 during mid-day trading on Tuesday, hitting $82.55. 445,538 shares of the company were exchanged, compared to its average volume of 521,604. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56. The business's 50 day simple moving average is $77.76 and its two-hundred day simple moving average is $67.72. The company has a market capitalization of $3.64 billion, a P/E ratio of 139.88 and a beta of 1.38. Granite Construction Incorporated has a 12-month low of $33.99 and a 12-month high of $84.10.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.41. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The business's revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. Analysts forecast that Granite Construction Incorporated will post 5.24 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction's dividend payout ratio is currently 88.14%.

Granite Construction Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.