Granite Construction Incorporated $GVA Stake Reduced by Rock Point Advisors LLC

Rock Point Advisors LLC trimmed its holdings in Granite Construction Incorporated (NYSE:GVA) by 7.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,259 shares of the construction company’s stock after selling 4,522 shares during the quarter. Granite Construction accounts for about 1.7% of Rock Point Advisors LLC’s portfolio, making the stock its 22nd biggest holding. Rock Point Advisors LLC’s holdings in Granite Construction were worth $6,498,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. South Dakota Investment Council raised its holdings in shares of Granite Construction by 6.7% in the 3rd quarter. South Dakota Investment Council now owns 45,338 shares of the construction company’s stock worth $4,971,000 after purchasing an additional 2,838 shares in the last quarter. Victory Capital Management Inc. grew its position in Granite Construction by 3.3% in the third quarter. Victory Capital Management Inc. now owns 165,329 shares of the construction company’s stock worth $18,128,000 after buying an additional 5,343 shares during the last quarter. Elo Mutual Pension Insurance Co bought a new position in shares of Granite Construction in the third quarter valued at $2,013,000. Quantbot Technologies LP lifted its position in shares of Granite Construction by 34.7% during the 3rd quarter. Quantbot Technologies LP now owns 52,636 shares of the construction company’s stock valued at $5,772,000 after acquiring an additional 13,574 shares during the last quarter. Finally, R Squared Ltd boosted its stake in shares of Granite Construction by 20.5% during the 3rd quarter. R Squared Ltd now owns 4,401 shares of the construction company’s stock worth $483,000 after acquiring an additional 748 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. DA Davidson lifted their target price on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Zacks Research upgraded Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a report on Monday, December 29th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, The Goldman Sachs Group lifted their target price on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $139.50.

Granite Construction Stock Down 1.3%

Shares of Granite Construction stock opened at $132.13 on Wednesday. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $137.24. The company has a market cap of $5.75 billion, a P/E ratio of 36.10 and a beta of 1.30. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.79. The stock has a 50-day moving average price of $124.97 and a 200 day moving average price of $113.60.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 EPS. As a group, analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, March 31st. Granite Construction’s dividend payout ratio is currently 14.21%.

Granite Construction Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.