Fiduciary Financial Group LLC Invests $545,000 in Granite Construction Incorporated (NYSE:GVA)

Fiduciary Financial Group LLC purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 6,245 shares of the construction company’s stock, valued at approximately $545,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Granite Construction by 8.5% in the 4th quarter. GAMMA Investing LLC now owns 2,178 shares of the construction company’s stock valued at $191,000 after purchasing an additional 171 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after purchasing an additional 360 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Granite Construction by 12.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 5,711 shares of the construction company’s stock worth $354,000 after acquiring an additional 639 shares in the last quarter. Castleark Management LLC raised its stake in shares of Granite Construction by 0.9% during the 3rd quarter. Castleark Management LLC now owns 72,520 shares of the construction company’s stock worth $5,749,000 after acquiring an additional 670 shares in the last quarter. Finally, Natixis Advisors LLC raised its stake in shares of Granite Construction by 6.2% during the 3rd quarter. Natixis Advisors LLC now owns 13,712 shares of the construction company’s stock worth $1,087,000 after acquiring an additional 806 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Granite Construction Trading Up 1.9 %

NYSE GVA opened at $90.07 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The firm has a market cap of $3.94 billion, a PE ratio of 41.32 and a beta of 1.43. The company has a 50 day moving average price of $93.96 and a 200 day moving average price of $80.82. Granite Construction Incorporated has a 52 week low of $43.92 and a 52 week high of $105.20.

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 company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.69 EPS. As a group, sell-side analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, December 31st. Granite Construction’s dividend payout ratio is presently 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.