Granite Construction Incorporated (NYSE:GVA) Stake Boosted by Tidal Investments LLC

Tidal Investments LLC boosted its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 195.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,730 shares of the construction company's stock after purchasing an additional 9,089 shares during the period. Tidal Investments LLC's holdings in Granite Construction were worth $1,089,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highbridge Capital Management LLC acquired a new stake in Granite Construction in the 2nd quarter valued at about $4,513,000. Aristeia Capital L.L.C. purchased a new position in shares of Granite Construction during the 2nd quarter worth approximately $4,513,000. Raymond James & Associates lifted its stake in Granite Construction by 16.0% in the 2nd quarter. Raymond James & Associates now owns 128,511 shares of the construction company's stock valued at $7,964,000 after buying an additional 17,738 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in Granite Construction during the 3rd quarter valued at $4,163,000. Finally, HighTower Advisors LLC increased its position in Granite Construction by 176.4% during the third quarter. HighTower Advisors LLC now owns 15,092 shares of the construction company's stock worth $1,199,000 after buying an additional 9,631 shares in the last quarter.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped their target price on shares of Granite Construction from $61.00 to $70.00 and gave the company a "sell" rating in a report on Wednesday, October 9th.

Granite Construction Trading Up 0.7 %

NYSE GVA traded up $0.67 during trading hours on Friday, hitting $90.67. 2,300,690 shares of the company's stock were exchanged, compared to its average volume of 550,017. The business's 50 day moving average is $91.89 and its 200-day moving average is $77.10. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. Granite Construction Incorporated has a 12-month low of $43.92 and a 12-month high of $105.20. The firm has a market capitalization of $3.96 billion, a P/E ratio of 41.59 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.51 by ($0.46). The company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. Granite Construction's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.69 earnings per share. As a group, analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Tuesday, December 31st. Granite Construction's dividend payout ratio (DPR) is presently 23.85%.

Granite Construction Company 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.