Intech Investment Management LLC Takes $1.31 Million Position in Granite Construction Incorporated (NYSE:GVA)

Intech Investment Management LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 16,549 shares of the construction company’s stock, valued at approximately $1,312,000.

Other large investors have also bought and sold shares of the company. Rothschild Investment LLC acquired a new position in Granite Construction during the second quarter worth about $33,000. Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 360 shares during the last quarter. Headlands Technologies LLC acquired a new position in Granite Construction during the 2nd quarter worth approximately $107,000. GAMMA Investing LLC lifted its stake in Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after purchasing an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Granite Construction in the third quarter valued at 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 stock a “sell” rating in a report on Wednesday, October 9th.

Granite Construction Stock Performance

NYSE:GVA opened at $98.78 on Wednesday. The stock’s 50-day moving average is $85.94 and its 200-day moving average is $73.01. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $100.57. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.32 billion, a P/E ratio of 45.31 and a beta of 1.39.

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

Granite Construction Announces Dividend

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