Intech Investment Management LLC Takes $1.31 Million Position in Granite Construction Incorporated (NYSE:GVA)

Intech Investment Management LLC bought a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 16,549 shares of the construction company’s stock, valued at approximately $1,312,000.

A number of other institutional investors and hedge funds have also bought and sold shares of GVA. Advisors Asset Management Inc. grew its position in shares of Granite Construction by 17.6% in the third quarter. Advisors Asset Management Inc. now owns 91,951 shares of the construction company’s stock valued at $7,290,000 after purchasing an additional 13,752 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Granite Construction by 20.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,354 shares of the construction company’s stock valued at $1,138,000 after purchasing an additional 2,433 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Granite Construction in the 3rd quarter valued at $1,749,000. Quest Partners LLC increased its position in Granite Construction by 2,303,900.0% during the 3rd quarter. Quest Partners LLC now owns 23,040 shares of the construction company’s stock worth $1,827,000 after buying an additional 23,039 shares during the period. Finally, Chesapeake Capital Corp IL lifted its holdings in shares of Granite Construction by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 5,936 shares of the construction company’s stock worth $470,000 after buying an additional 1,295 shares in the last quarter.

Analyst Ratings Changes

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

Granite Construction Trading Down 0.4 %

Shares of GVA stock opened at $98.78 on Wednesday. The stock has a 50 day simple moving average of $85.94 and a 200 day simple moving average of $73.01. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $100.57. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.32 billion, a P/E ratio of 45.31 and a beta of 1.39.

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 the consensus estimate of $2.51 by ($0.46). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the company posted $1.69 earnings per share. On average, research analysts predict that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

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