Granite Construction Incorporated (NYSE:GVA) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its position in Granite Construction Incorporated (NYSE:GVA) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,670 shares of the construction company’s stock after selling 400 shares during the quarter. New York State Teachers Retirement System owned about 0.15% of Granite Construction worth $5,286,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GVA. EFG Asset Management North America Corp. raised its stake in Granite Construction by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock valued at $2,365,000 after purchasing an additional 180 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Granite Construction by 1.9% in the second quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock worth $763,000 after buying an additional 235 shares in the last quarter. Alpha Cubed Investments LLC boosted its position in Granite Construction by 7.2% during the second quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after acquiring an additional 305 shares during the last quarter. Blue Trust Inc. grew its stake in Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after acquiring an additional 360 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised 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 valued at $1,376,000 after acquiring an additional 400 shares during the last quarter.

Wall Street Analyst Weigh In

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

Granite Construction Trading Up 4.0 %

Shares of GVA stock opened at $91.35 on Wednesday. Granite Construction Incorporated has a twelve month low of $43.92 and a twelve month high of $91.60. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of 41.90 and a beta of 1.39. The company’s 50-day moving average price is $79.36 and its 200-day moving average price is $69.05. 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 (NYSE:GVA) last posted 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 during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the company earned $1.69 EPS. As a group, equities analysts predict that Granite Construction Incorporated will post 5.55 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. Granite Construction’s dividend payout ratio 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.