Geode Capital Management LLC Purchases 864 Shares of Granite Construction Incorporated (NYSE:GVA)

Geode Capital Management LLC grew its position in shares of Granite Construction Incorporated (NYSE:GVA) by 0.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 992,293 shares of the construction company’s stock after acquiring an additional 864 shares during the period. Geode Capital Management LLC owned about 2.27% of Granite Construction worth $78,685,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Castleark Management LLC boosted its holdings in Granite Construction by 0.9% in the third quarter. Castleark Management LLC now owns 72,520 shares of the construction company’s stock valued at $5,749,000 after acquiring an additional 670 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of Granite Construction by 3.2% during the 3rd quarter. Systematic Financial Management LP now owns 604,950 shares of the construction company’s stock valued at $47,960,000 after purchasing an additional 18,586 shares in the last quarter. Petrus Trust Company LTA increased its position in shares of Granite Construction by 19.1% during the third quarter. Petrus Trust Company LTA now owns 8,305 shares of the construction company’s stock valued at $658,000 after buying an additional 1,331 shares during the period. Point72 DIFC Ltd bought a new position in Granite Construction in the third quarter worth about $203,000. Finally, HighTower Advisors LLC lifted its holdings in Granite Construction by 176.4% in 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 during the period.

Granite Construction Stock Up 0.7 %

NYSE:GVA opened at $90.67 on Friday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $105.20. The company has a market capitalization of $3.96 billion, a PE ratio of 41.59 and a beta of 1.41. The firm’s 50-day moving average price is $92.07 and its 200-day moving average price is $77.30. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share 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 for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business posted $1.69 EPS. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, equities analysts predict 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 will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.13 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.57%. Granite Construction’s dividend payout ratio is currently 23.85%.

Wall Street Analysts Forecast Growth

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