GAMMA Investing LLC Increases Position in Granite Construction Incorporated (NYSE:GVA)

GAMMA Investing LLC lifted its position in shares of Granite Construction Incorporated (NYSE:GVA) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,178 shares of the construction company’s stock after purchasing an additional 171 shares during the period. GAMMA Investing LLC’s holdings in Granite Construction were worth $191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GVA. Blue Trust Inc. lifted its position in shares of Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after buying an additional 360 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Granite Construction in the second quarter valued at $107,000. Point72 DIFC Ltd acquired a new position in Granite Construction in the third quarter valued at $203,000. CIBC Asset Management Inc purchased a new position in shares of Granite Construction during the third quarter worth about $214,000. Finally, US Bancorp DE increased its position in shares of Granite Construction by 77.5% during the third quarter. US Bancorp DE now owns 2,730 shares of the construction company’s stock worth $216,000 after purchasing an additional 1,192 shares in the last quarter.

Granite Construction Stock Down 0.2 %

Shares of NYSE:GVA opened at $88.22 on Thursday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $105.20. 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 stock has a market cap of $3.86 billion, a P/E ratio of 40.47 and a beta of 1.43. The firm has a fifty day moving average price of $93.76 and a 200 day moving average price of $79.90.

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 the consensus estimate of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the company posted $1.69 EPS. Granite Construction’s quarterly revenue was up 14.2% on a year-over-year basis. Sell-side analysts predict that Granite Construction Incorporated will post 4.98 EPS for the current 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 issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s payout ratio is currently 23.85%.

Analyst Upgrades and Downgrades

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 research 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.