GAMMA Investing LLC Buys 907 Shares of Granite Construction Incorporated (NYSE:GVA)

GAMMA Investing LLC lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 82.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,007 shares of the construction company’s stock after acquiring an additional 907 shares during the quarter. GAMMA Investing LLC’s holdings in Granite Construction were worth $159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Hennessy Advisors Inc. raised its position in shares of Granite Construction by 44.0% during the first quarter. Hennessy Advisors Inc. now owns 108,000 shares of the construction company’s stock worth $6,170,000 after acquiring an additional 33,000 shares during the last quarter. UniSuper Management Pty Ltd bought a new stake in Granite Construction in the first quarter worth approximately $607,000. Wasatch Advisors LP increased its holdings in Granite Construction by 637.4% in the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock worth $53,523,000 after purchasing an additional 809,803 shares in the last quarter. Comerica Bank increased its holdings in Granite Construction by 177.6% in the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after purchasing an additional 72,621 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in Granite Construction by 296.6% in the first quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock worth $751,000 after purchasing an additional 9,825 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lifted their target price on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a report on Wednesday.

Granite Construction Trading Up 1.5 %

NYSE GVA opened at $81.78 on Friday. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 138.61 and a beta of 1.38. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $82.45. The business has a 50 day moving average price of $74.92 and a 200-day moving average price of $65.65. 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 data on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.32 by $0.41. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.03 earnings per share. As a group, equities analysts expect that Granite Construction Incorporated will post 5.24 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Monday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.64%. Granite Construction’s dividend payout ratio is 88.14%.

Insider Activity

In other news, SVP Michael G. Tatusko sold 5,000 shares of the business’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 $1,518,894.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate 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.