The Manufacturers Life Insurance Company Has $1.91 Million Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

The Manufacturers Life Insurance Company reduced its position in Granite Construction Incorporated (NYSE:GVA) by 1.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 24,101 shares of the construction company’s stock after selling 479 shares during the period. The Manufacturers Life Insurance Company’s holdings in Granite Construction were worth $1,911,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of Granite Construction by 99.3% during 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 period. Hood River Capital Management LLC bought a new position in Granite Construction during the second quarter worth $29,143,000. Fisher Asset Management LLC boosted its position in Granite Construction by 86.4% during the third quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after purchasing an additional 168,673 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Granite Construction in the second quarter valued at $4,513,000. Finally, Aristeia Capital L.L.C. bought a new position in shares of Granite Construction in the second quarter valued at about $4,513,000.

Granite Construction Stock Performance

Granite Construction stock opened at $96.09 on Tuesday. The stock has a market cap of $4.20 billion, a PE ratio of 44.08 and a beta of 1.41. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. Granite Construction Incorporated has a 12-month low of $43.92 and a 12-month high of $105.20. The business’s 50-day moving average price is $89.84 and its two-hundred day moving average price is $75.56.

Granite Construction (NYSE:GVA) last released its quarterly 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 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%. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.69 earnings per share. As a group, analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend payout ratio is 23.85%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised 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 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.