Aristeia Capital L.L.C. Buys New Shares in Granite Construction Incorporated (NYSE:GVA)

Aristeia Capital L.L.C. purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 72,824 shares of the construction company’s stock, valued at approximately $4,513,000. Aristeia Capital L.L.C. owned 0.16% of Granite Construction as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Rothschild Investment LLC purchased a new stake in shares of Granite Construction during the 2nd quarter worth about $33,000. Wellington Shields & Co. LLC lifted its position in Granite Construction by 30.8% during the first quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after buying an additional 200 shares in the last quarter. Riverview Trust Co purchased a new stake in Granite Construction during the first quarter worth approximately $107,000. Headlands Technologies LLC acquired a new stake in shares of Granite Construction in the second quarter worth $107,000. Finally, Bard Financial Services Inc. acquired a new position in shares of Granite Construction during the 2nd quarter valued at $215,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their price objective on Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd.

Granite Construction Stock Down 1.3 %

Shares of NYSE:GVA opened at $79.23 on Tuesday. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 134.29 and a beta of 1.39. The company has a 50 day moving average of $71.23 and a two-hundred day moving average of $63.21. Granite Construction Incorporated has a 52-week low of $33.74 and a 52-week high of $81.38. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.41. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business earned $1.03 EPS. The business’s revenue was up 20.5% on a year-over-year basis. As a group, analysts forecast that Granite Construction Incorporated will post 5.24 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Insider Buying and Selling

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the completion of the sale, the senior vice president now owns 21,943 shares in the company, valued at approximately $1,518,894.46. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.81% of the company’s stock.

About Granite Construction

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.