Granite Construction Incorporated (NYSE:GVA) Shares Sold by Wolverine Trading LLC

Wolverine Trading LLC cut its holdings in Granite Construction Incorporated (NYSE:GVA) by 7.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,457 shares of the construction company’s stock after selling 356 shares during the quarter. Wolverine Trading LLC’s holdings in Granite Construction were worth $353,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of GVA. Millennium Management LLC raised 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 worth $159,221,000 after purchasing an additional 1,280,288 shares in the last quarter. Hood River Capital Management LLC bought a new position in shares of Granite Construction in the second quarter valued at $29,143,000. Fisher Asset Management LLC lifted its position in shares of Granite Construction by 86.4% during the 3rd quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock valued at $28,843,000 after acquiring an additional 168,673 shares during the last quarter. Brightline Capital Management LLC bought a new stake in shares of Granite Construction during the 3rd quarter worth $11,971,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Granite Construction in the 2nd quarter worth $4,513,000.

Granite Construction Stock Performance

Granite Construction stock opened at $93.44 on Friday. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $105.20. The firm’s 50 day simple moving average is $91.07 and its 200-day simple moving average is $76.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The company has a market cap of $4.08 billion, a P/E ratio of 42.86 and a beta of 1.41.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.46). The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates 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 period last year, the firm earned $1.69 earnings per share. As a group, equities research analysts predict that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s dividend payout ratio is currently 23.85%.

Analyst Ratings Changes

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

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.