Victory Capital Management Inc. Trims Stake in Granite Construction Incorporated (NYSE:GVA)

Victory Capital Management Inc. reduced its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 37.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,463 shares of the construction company's stock after selling 132,916 shares during the period. Victory Capital Management Inc. owned approximately 0.52% of Granite Construction worth $17,954,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Millennium Management LLC raised its stake 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 acquiring an additional 1,280,288 shares during the period. Hood River Capital Management LLC acquired a new position in Granite Construction during the second quarter worth $29,143,000. Highbridge Capital Management LLC purchased a new position in shares of Granite Construction during the second quarter worth $4,513,000. Aristeia Capital L.L.C. purchased a new stake in shares of Granite Construction in the 2nd quarter valued at $4,513,000. Finally, Comerica Bank lifted its stake in Granite Construction by 177.6% during the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company's stock worth $6,485,000 after acquiring an additional 72,621 shares in the last quarter.

Granite Construction Stock Up 1.1 %

Granite Construction stock traded up $1.03 during mid-day trading on Tuesday, hitting $97.48. The company had a trading volume of 524,712 shares, compared to its average volume of 540,497. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 44.72 and a beta of 1.39. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $99.32. The business has a fifty day moving average of $84.07 and a 200 day moving average of $71.94.

Granite Construction (NYSE:GVA - Get Free Report) last announced 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). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company earned $1.69 earnings per share. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. On average, sell-side analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. Granite Construction's dividend payout ratio (DPR) is currently 23.85%.

Wall Street Analyst Weigh In

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

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.