Los Angeles Capital Management LLC Cuts Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

Los Angeles Capital Management LLC cut its position in shares of Granite Construction Incorporated (NYSE:GVA) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,513 shares of the construction company’s stock after selling 210 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Granite Construction were worth $1,388,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GVA. UniSuper Management Pty Ltd bought a new stake in shares of Granite Construction during the 1st quarter worth $607,000. Comerica Bank increased its holdings in Granite Construction by 177.6% during the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after buying an additional 72,621 shares during the last quarter. SG Americas Securities LLC raised its position in Granite Construction by 296.6% in the first quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock worth $751,000 after acquiring an additional 9,825 shares during the period. Castleark Management LLC boosted its stake in Granite Construction by 4.3% in the first quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock valued at $4,146,000 after acquiring an additional 2,960 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Granite Construction during the 2nd quarter valued at approximately $4,513,000.

Granite Construction Trading Down 1.0 %

Shares of GVA opened at $95.75 on Friday. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $99.32. The business has a 50-day moving average of $82.60 and a 200 day moving average of $70.90. The firm has a market cap of $4.19 billion, a P/E ratio of 43.92 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.69 EPS. As a group, research analysts forecast that Granite Construction Incorporated will post 5.55 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Monday, September 30th. Granite Construction’s payout ratio is currently 23.85%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upped their price objective on Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research note on Wednesday, October 9th.

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.