Harbor Capital Advisors Inc. Sells 1,239 Shares of Granite Construction Incorporated (NYSE:GVA)

Harbor Capital Advisors Inc. trimmed its position in shares of Granite Construction Incorporated (NYSE:GVA) by 6.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,326 shares of the construction company’s stock after selling 1,239 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Granite Construction were worth $1,453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GVA. Stephens Inc. AR bought a new position in shares of Granite Construction in the 3rd quarter worth about $369,000. US Bancorp DE increased its holdings in shares of Granite Construction by 77.5% during the third quarter. US Bancorp DE now owns 2,730 shares of the construction company’s stock valued at $216,000 after acquiring an additional 1,192 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Granite Construction by 3.2% during the third quarter. Pinnacle Associates Ltd. now owns 179,355 shares of the construction company’s stock worth $14,219,000 after purchasing an additional 5,528 shares during the period. Hedges Asset Management LLC bought a new position in shares of Granite Construction in the 3rd quarter worth $238,000. Finally, BayBridge Capital Group LLC bought a new stake in Granite Construction during the 3rd quarter valued at $551,000.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research report on Wednesday, October 9th.

Granite Construction Price Performance

Shares of GVA stock opened at $91.35 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The firm has a market capitalization of $3.99 billion, a P/E ratio of 41.90 and a beta of 1.39. The stock has a 50 day moving average price of $79.36 and a 200 day moving average price of $69.05. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $91.60.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). The firm 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%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.69 earnings per share. As a group, sell-side analysts predict that Granite Construction Incorporated will post 5.55 earnings per share for the current year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is currently 23.85%.

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.