Granite Construction Incorporated (NYSE:GVA) Shares Sold by Penney Financial LLC

Penney Financial LLC trimmed its holdings in Granite Construction Incorporated (NYSE:GVA) by 40.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,647 shares of the construction company’s stock after selling 2,500 shares during the quarter. Granite Construction accounts for about 0.2% of Penney Financial LLC’s portfolio, making the stock its 29th biggest holding. Penney Financial LLC’s holdings in Granite Construction were worth $289,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Rothschild Investment LLC bought a new stake in shares of Granite Construction during the 2nd quarter worth $33,000. Blue Trust Inc. increased its stake in Granite Construction by 66.4% in 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 in the last quarter. Headlands Technologies LLC acquired a new stake in Granite Construction during the 2nd quarter worth about $107,000. GAMMA Investing LLC raised its holdings in shares of Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after acquiring an additional 907 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in Granite Construction in the 3rd quarter worth approximately $203,000.

Granite Construction Trading Down 0.4 %

Shares of NYSE GVA opened at $88.77 on Tuesday. 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 Incorporated has a one year low of $43.92 and a one year high of $105.20. The business has a 50-day moving average price of $93.02 and a two-hundred day moving average price of $78.80. The firm has a market capitalization of $3.88 billion, a PE ratio of 40.72 and a beta of 1.41.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 EPS 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 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 for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.69 earnings per share. As a group, analysts predict that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Tuesday, December 31st. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Wall Street Analyst Weigh In

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

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.