Granite Construction Incorporated (NYSE:GVA) Stake Decreased by John G Ullman & Associates Inc.

John G Ullman & Associates Inc. trimmed its holdings in Granite Construction Incorporated (NYSE:GVA) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,960 shares of the construction company’s stock after selling 500 shares during the quarter. Granite Construction comprises 1.2% of John G Ullman & Associates Inc.’s portfolio, making the stock its 20th largest holding. John G Ullman & Associates Inc.’s holdings in Granite Construction were worth $8,401,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GVA. Millennium Management LLC lifted its stake in shares of Granite Construction by 99.3% in 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 2nd quarter valued at $29,143,000. Highbridge Capital Management LLC acquired a new position in shares of Granite Construction during the 2nd quarter valued at $4,513,000. Aristeia Capital L.L.C. bought a new stake in shares of Granite Construction in the 2nd quarter worth $4,513,000. Finally, Comerica Bank boosted its stake in Granite Construction by 177.6% during the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after buying an additional 72,621 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group boosted their price target 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 Trading Down 0.3 %

Shares of NYSE:GVA opened at $97.25 on Thursday. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 44.61 and a beta of 1.39. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $99.32. The company has a 50 day moving average price of $84.56 and a 200 day moving average price of $72.12. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last issued its 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates 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 was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.69 earnings per share. On average, research analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.53%. Granite Construction’s payout ratio is presently 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.