Granite Construction Incorporated (NYSE:GVA) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 6.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,391 shares of the construction company’s stock after selling 2,346 shares during the period. Thrivent Financial for Lutherans’ holdings in Granite Construction were worth $2,727,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Rothschild Investment LLC purchased a new position in Granite Construction in the second quarter valued at about $33,000. Blue Trust Inc. increased its holdings in Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Granite Construction in the 2nd quarter valued at approximately $107,000. GAMMA Investing LLC boosted its stake in shares of Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after buying an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Granite Construction during the third quarter worth approximately $214,000.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Performance

Shares of GVA stock opened at $98.78 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 45.31 and a beta of 1.39. Granite Construction Incorporated has a one year low of $43.92 and a one year high of $100.57. The company’s 50-day simple moving average is $85.94 and its 200-day simple moving average is $73.01.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business earned $1.69 EPS. The company’s quarterly revenue was up 14.2% on a year-over-year basis. Equities analysts anticipate that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend 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.