Victory Capital Management Inc. Sells 132,916 Shares of Granite Construction Incorporated (NYSE:GVA)

Victory Capital Management Inc. trimmed its position in shares of Granite Construction Incorporated (NYSE:GVA) by 37.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 226,463 shares of the construction company’s stock after selling 132,916 shares during the period. Victory Capital Management Inc.’s holdings in Granite Construction were worth $17,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rothschild Investment LLC bought a new position in shares of Granite Construction during the second quarter valued at about $33,000. Blue Trust Inc. raised its stake in Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after buying an additional 360 shares in the last quarter. Headlands Technologies LLC bought a new position in Granite Construction in the second quarter worth about $107,000. GAMMA Investing LLC raised its stake in Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after buying an additional 907 shares in the last quarter. Finally, Bard Financial Services Inc. bought a new position in Granite Construction in the second quarter worth about $215,000.

Wall Street Analyst Weigh In

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

Granite Construction Price Performance

GVA stock opened at $96.43 on Tuesday. The company has a market cap of $4.21 billion, a P/E ratio of 44.23 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $99.32. The firm has a 50-day moving average of $83.08 and a 200 day moving average of $71.40.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates 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% compared to the same quarter last year. During the same quarter last year, the company posted $1.69 EPS. On average, sell-side analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Dividend Announcement

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

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.