Public Employees Retirement System of Ohio Sells 128 Shares of Granite Construction Incorporated (NYSE:GVA)

Public Employees Retirement System of Ohio reduced its stake in Granite Construction Incorporated (NYSE:GVA) by 11.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,024 shares of the construction company’s stock after selling 128 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Granite Construction were worth $81,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Raymond James & Associates raised its stake in shares of Granite Construction by 16.0% in the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock worth $7,964,000 after buying an additional 17,738 shares during the period. Louisiana State Employees Retirement System increased its holdings in Granite Construction by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company’s stock worth $1,376,000 after acquiring an additional 400 shares in the last quarter. Atomi Financial Group Inc. bought a new stake in Granite Construction during the 2nd quarter worth approximately $275,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Granite Construction by 4.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,919 shares of the construction company’s stock valued at $615,000 after purchasing an additional 458 shares in the last quarter. Finally, Rothschild Investment LLC bought a new position in shares of Granite Construction in the second quarter worth approximately $33,000.

Granite Construction Stock Up 0.7 %

Shares of GVA opened at $90.67 on Monday. The business’s 50 day moving average is $92.07 and its 200 day moving average is $77.54. The company has a current ratio of 1.56, a quick ratio of 1.46 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 company has a market capitalization of $3.96 billion, a PE ratio of 41.59 and a beta of 1.41.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The company’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.69 EPS. Research analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.57%. Granite Construction’s payout ratio is 23.85%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group lifted 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 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.