Granite Construction Incorporated (NYSE:GVA) Shares Sold by Susquehanna Fundamental Investments LLC

Susquehanna Fundamental Investments LLC reduced its holdings in Granite Construction Incorporated (NYSE:GVA) by 12.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,026 shares of the construction company’s stock after selling 3,564 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Granite Construction were worth $1,551,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Hennessy Advisors Inc. lifted its holdings in shares of Granite Construction by 44.0% in the 1st quarter. Hennessy Advisors Inc. now owns 108,000 shares of the construction company’s stock valued at $6,170,000 after buying an additional 33,000 shares during the period. UniSuper Management Pty Ltd purchased a new position in Granite Construction in the 1st quarter valued at approximately $607,000. Wasatch Advisors LP increased its stake in Granite Construction by 637.4% in the 1st quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock valued at $53,523,000 after purchasing an additional 809,803 shares in the last quarter. Comerica Bank increased its stake in Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after purchasing an additional 72,621 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Granite Construction by 296.6% in the 1st quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock valued at $751,000 after purchasing an additional 9,825 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised their price objective on Granite Construction from $55.00 to $61.00 and gave the company a “sell” rating in a research note on Friday, August 2nd.

Granite Construction Stock Performance

NYSE GVA opened at $79.37 on Wednesday. Granite Construction Incorporated has a 1-year low of $33.74 and a 1-year high of $81.38. The company has a market capitalization of $3.50 billion, a P/E ratio of 134.53 and a beta of 1.39. The business has a 50 day moving average price of $72.65 and a 200 day moving average price of $64.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.41. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. Granite Construction’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. Sell-side analysts expect that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.66%. The ex-dividend date is Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the completion of the transaction, the senior vice president now owns 21,943 shares of the company’s stock, valued at $1,518,894.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by company insiders.

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.