CIBC Asset Management Inc Invests $214,000 in Granite Construction Incorporated (NYSE:GVA)

CIBC Asset Management Inc acquired a new stake in Granite Construction Incorporated (NYSE:GVA) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,696 shares of the construction company’s stock, valued at approximately $214,000.

Other large investors have also added to or reduced their stakes in the company. Rothschild Investment LLC bought a new stake in shares of Granite Construction in the 2nd quarter valued at about $33,000. Blue Trust Inc. lifted its stake 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 period. Headlands Technologies LLC bought 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 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after purchasing an additional 907 shares during the period. Finally, Bard Financial Services Inc. acquired a new position in shares of Granite Construction in the 2nd quarter worth approximately $215,000.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group increased their price objective on shares of 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 Stock Up 1.1 %

Shares of Granite Construction stock opened at $99.25 on Friday. The stock’s 50-day moving average is $85.05 and its 200 day moving average is $72.30. Granite Construction Incorporated has a one year low of $43.92 and a one year high of $99.72. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 45.57 and a beta of 1.39. 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 (NYSE:GVA) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. Granite Construction’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.69 earnings per share. Equities research analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is currently 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.