Quantbot Technologies LP Makes New Investment in Granite Construction Incorporated (NYSE:GVA)

Quantbot Technologies LP acquired a new stake in Granite Construction Incorporated (NYSE:GVA) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,575 shares of the construction company’s stock, valued at approximately $363,000.

Several other institutional investors have also recently added to or reduced their stakes in GVA. Rothschild Investment LLC purchased a new stake in Granite Construction in the 2nd quarter valued at about $33,000. Blue Trust Inc. boosted its position in shares of Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after acquiring an additional 360 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Granite Construction in the second quarter valued at approximately $107,000. GAMMA Investing LLC increased its position in Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after purchasing an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in Granite Construction during the third quarter worth approximately $214,000.

Granite Construction Stock Up 0.3 %

Shares of NYSE:GVA opened at $99.08 on Wednesday. The stock has a 50-day simple moving average of $88.32 and a 200-day simple moving average of $74.54. The stock has a market capitalization of $4.33 billion, a P/E ratio of 45.45 and a beta of 1.41. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last released its quarterly earnings data 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). 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 analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the firm earned $1.69 earnings per share. Granite Construction’s quarterly revenue was up 14.2% compared to the same quarter last year. Equities analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is presently 23.85%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group boosted their price objective 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.

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.