Commonwealth Equity Services LLC Decreases Stock Position in Granite Construction Incorporated (NYSE:GVA)

Commonwealth Equity Services LLC lowered its stake in Granite Construction Incorporated (NYSE:GVA) by 6.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,659 shares of the construction company’s stock after selling 549 shares during the period. Commonwealth Equity Services LLC’s holdings in Granite Construction were worth $342,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GVA. Amundi purchased a new position in shares of Granite Construction in the second quarter worth about $40,734,000. Invesco Ltd. increased its holdings in shares of Granite Construction by 40.1% in the second quarter. Invesco Ltd. now owns 504,340 shares of the construction company’s stock worth $20,945,000 after buying an additional 144,455 shares during the period. Bernzott Capital Advisors increased its holdings in shares of Granite Construction by 23.6% in the third quarter. Bernzott Capital Advisors now owns 645,718 shares of the construction company’s stock worth $25,538,000 after buying an additional 123,100 shares during the period. Walthausen & Co. LLC purchased a new position in shares of Granite Construction in the second quarter worth about $3,435,000. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Granite Construction by 387.8% in the second quarter. Cubist Systematic Strategies LLC now owns 87,875 shares of the construction company’s stock worth $3,649,000 after buying an additional 69,859 shares during the period. Hedge funds and other institutional investors own 94.63% of the company’s stock.

NYSE GVA opened at $38.16 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.51 and a quick ratio of 1.44. The stock has a market capitalization of $1.75 billion, a PE ratio of 64.68 and a beta of 1.39. Granite Construction Incorporated has a 1 year low of $29.11 and a 1 year high of $44.31. The business’s 50-day moving average is $39.59 and its 200 day moving average is $39.57.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, October 28th. The construction company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.09). The firm had revenue of $1.06 billion for the quarter. Granite Construction had a net margin of 0.86% and a return on equity of 10.10%. During the same quarter last year, the firm posted $0.90 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 14th. Shareholders of record on Friday, December 31st were given a dividend of $0.13 per share. The ex-dividend date was Thursday, December 30th. This represents a $0.52 annualized dividend and a yield of 1.36%. Granite Construction’s payout ratio is 88.14%.

Several research analysts have recently commented on the company. Sidoti assumed coverage on Granite Construction in a report on Thursday, December 30th. They issued a “buy” rating and a $50.00 price objective on the stock. Zacks Investment Research cut Granite Construction from a “buy” rating to a “hold” rating in a research note on Thursday, November 4th.

Granite Construction Profile

Granite Construction, Inc is a holding company, which engages in the provision of infrastructure solutions for public and private clients. It operates through the following segments: Transportation, Water, Specialty and Materials. The Transportation segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports and marine ports.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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