Granite Construction Incorporated (NYSE:GVA) Shares Bought by Occidental Asset Management LLC

Occidental Asset Management LLC grew its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 8.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,963 shares of the construction company’s stock after acquiring an additional 2,415 shares during the period. Occidental Asset Management LLC owned about 0.07% of Granite Construction worth $1,626,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GVA. State Street Corp increased its stake in shares of Granite Construction by 58.4% during the 3rd quarter. State Street Corp now owns 2,764,283 shares of the construction company’s stock worth $70,544,000 after purchasing an additional 1,019,112 shares in the last quarter. Norges Bank purchased a new position in shares of Granite Construction during the 4th quarter worth approximately $30,408,000. Comerica Bank purchased a new position in shares of Granite Construction during the 2nd quarter worth approximately $103,870,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Granite Construction during the 3rd quarter worth approximately $8,554,000. Finally, Goldman Sachs Group Inc. grew its stake in Granite Construction by 42.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 742,168 shares of the construction company’s stock worth $29,523,000 after acquiring an additional 220,581 shares during the period.

Granite Construction Trading Down 0.4 %

GVA stock traded down $0.23 during midday trading on Friday, hitting $57.13. The stock had a trading volume of 389,045 shares, compared to its average volume of 370,087. The firm has a market cap of $2.51 billion, a PE ratio of 75.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.60 and a quick ratio of 1.49. Granite Construction Incorporated has a 12-month low of $33.74 and a 12-month high of $57.93. The company’s 50-day moving average price is $50.54 and its 200 day moving average price is $46.02.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 22nd. The construction company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.02). Granite Construction had a return on equity of 14.15% and a net margin of 1.24%. The firm had revenue of $933.70 million during the quarter. During the same period in the prior year, the firm earned $0.56 earnings per share. On average, equities research analysts predict that Granite Construction Incorporated will post 4.29 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 27th. This represents a $0.52 annualized dividend and a dividend yield of 0.91%. Granite Construction’s dividend payout ratio is presently 68.42%.

Analyst Ratings Changes

Separately, DA Davidson lifted their target price on shares of Granite Construction from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th.

Insider Activity

In other news, Director Louis E. Caldera sold 1,263 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $50.00, for a total transaction of $63,150.00. Following the completion of the sale, the director now directly owns 8,528 shares of the company’s stock, valued at approximately $426,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.54% of the company’s stock.

Granite Construction Company 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.