Granite Construction Incorporated (NYSE:GVA) Stock Position Decreased by Wolverine Trading LLC

Wolverine Trading LLC lowered its holdings in Granite Construction Incorporated (NYSE:GVA) by 7.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,457 shares of the construction company’s stock after selling 356 shares during the period. Wolverine Trading LLC’s holdings in Granite Construction were worth $353,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GVA. Millennium Management LLC lifted 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 purchasing an additional 1,280,288 shares during the last quarter. Hill City Capital LP lifted its stake in Granite Construction by 5.2% in the third quarter. Hill City Capital LP now owns 978,938 shares of the construction company’s stock valued at $77,610,000 after buying an additional 48,440 shares during the last quarter. Systematic Financial Management LP boosted its holdings in shares of Granite Construction by 3.2% during the third quarter. Systematic Financial Management LP now owns 604,950 shares of the construction company’s stock valued at $47,960,000 after acquiring an additional 18,586 shares during the period. Mizuho Markets Americas LLC grew its position in shares of Granite Construction by 2.5% during the third quarter. Mizuho Markets Americas LLC now owns 596,158 shares of the construction company’s stock worth $47,263,000 after acquiring an additional 14,716 shares during the last quarter. Finally, Hood River Capital Management LLC acquired a new stake in shares of Granite Construction in the 2nd quarter worth about $29,143,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group boosted their target price 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 Stock Down 2.2 %

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

Granite Construction (NYSE:GVA) last issued its quarterly earnings data 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 company had revenue of $1.28 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.69 earnings per share. As a group, research analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

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.