3,443 Shares in Granite Construction Incorporated (NYSE:GVA) Acquired by Verition Fund Management LLC

Verition Fund Management LLC bought a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,443 shares of the construction company’s stock, valued at approximately $273,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after acquiring an additional 1,280,288 shares during the last quarter. Mizuho Markets Americas LLC raised its holdings in Granite Construction by 2.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 596,158 shares of the construction company’s stock worth $47,263,000 after buying an additional 14,716 shares during the period. Hood River Capital Management LLC purchased a new stake in Granite Construction during the second quarter valued at about $29,143,000. Fisher Asset Management LLC boosted its holdings in shares of Granite Construction by 86.4% in the third quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after buying an additional 168,673 shares during the period. Finally, Pinnacle Associates Ltd. increased its position in shares of Granite Construction by 3.2% in the third quarter. Pinnacle Associates Ltd. now owns 179,355 shares of the construction company’s stock worth $14,219,000 after acquiring an additional 5,528 shares in the last quarter.

Granite Construction Stock Down 2.2 %

NYSE:GVA opened at $93.44 on Friday. The business’s fifty day moving average price is $91.07 and its 200 day moving average price is $76.39. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 42.86 and a beta of 1.41. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $105.20.

Granite Construction (NYSE:GVA) last issued 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). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.69 EPS. On average, sell-side analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share 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. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Tuesday, December 31st. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Wall Street Analysts Forecast Growth

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 report on Wednesday, October 9th.

Granite Construction 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.