Highbridge Capital Management LLC Acquires New Holdings in Granite Construction Incorporated (NYSE:GVA)

Highbridge Capital Management LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 72,824 shares of the construction company’s stock, valued at approximately $4,513,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Rothschild Investment LLC acquired a new position in shares of Granite Construction in the 2nd quarter valued at $33,000. Wellington Shields & Co. LLC lifted its holdings in shares of Granite Construction by 30.8% during the first quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after purchasing an additional 200 shares during the period. Riverview Trust Co purchased a new stake in Granite Construction in the first quarter valued at approximately $107,000. Headlands Technologies LLC acquired a new position in Granite Construction in the 2nd quarter worth approximately $107,000. Finally, Bard Financial Services Inc. purchased a new position in Granite Construction during the 2nd quarter worth approximately $215,000.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised their target price on shares of Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a report on Friday, August 2nd.

Granite Construction Trading Down 0.3 %

Shares of NYSE:GVA opened at $77.44 on Thursday. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. Granite Construction Incorporated has a 12-month low of $33.74 and a 12-month high of $79.17. The business has a 50 day moving average of $70.24 and a two-hundred day moving average of $62.56. The company has a market capitalization of $3.42 billion, a PE ratio of 131.25 and a beta of 1.39.

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

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.67%. Granite Construction’s dividend payout ratio is presently 88.14%.

Insider Buying and Selling

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

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.