Algert Global LLC Has $2.32 Million Stake in Granite Construction Incorporated (NYSE:GVA)

Algert Global LLC increased its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 560.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,292 shares of the construction company’s stock after buying an additional 24,860 shares during the quarter. Algert Global LLC owned about 0.07% of Granite Construction worth $2,322,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GVA. Raymond James Trust N.A. bought a new stake in shares of Granite Construction during the 3rd quarter valued at $239,000. Intech Investment Management LLC acquired a new position in Granite Construction in the third quarter valued at about $1,312,000. Advisors Asset Management Inc. lifted its position in Granite Construction by 17.6% during the third quarter. Advisors Asset Management Inc. now owns 91,951 shares of the construction company’s stock worth $7,290,000 after purchasing an additional 13,752 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Granite Construction by 20.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,354 shares of the construction company’s stock worth $1,138,000 after purchasing an additional 2,433 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Granite Construction during the third quarter worth about $1,749,000.

Analyst Upgrades and Downgrades

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

Granite Construction Trading Down 0.4 %

Shares of GVA opened at $98.78 on Wednesday. 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 52-week low of $43.92 and a 52-week high of $100.57. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 45.31 and a beta of 1.39. The business’s fifty day moving average is $85.94 and its 200-day moving average is $73.01.

Granite Construction (NYSE:GVA) 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). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $1.69 EPS. The business’s revenue was up 14.2% on a year-over-year basis. Equities analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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