Bernzott Capital Advisors Decreases Stock Position in Granite Construction Incorporated (NYSE:GVA)

Bernzott Capital Advisors cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 29.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 74,321 shares of the construction company’s stock after selling 30,918 shares during the quarter. Granite Construction makes up about 2.5% of Bernzott Capital Advisors’ holdings, making the stock its 25th largest holding. Bernzott Capital Advisors’ holdings in Granite Construction were worth $5,892,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GVA. Rothschild Investment LLC bought a new position in Granite Construction in the 2nd quarter worth $33,000. Wellington Shields & Co. LLC lifted its stake in Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after purchasing an additional 200 shares in the last quarter. Blue Trust Inc. lifted its stake in Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Granite Construction in the 2nd quarter worth $107,000. Finally, GAMMA Investing LLC lifted its stake in Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after purchasing an additional 907 shares in the last quarter.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total transaction of $346,100.00. Following the sale, the senior vice president now directly owns 21,943 shares of the company’s stock, valued at $1,518,894.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is currently owned by company insiders.

Granite Construction Stock Performance

Shares of Granite Construction stock traded down $0.41 during trading on Tuesday, hitting $81.77. 157,132 shares of the company’s stock were exchanged, compared to its average volume of 520,224. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 139.24 and a beta of 1.38. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.56 and a current ratio of 1.68. The business has a 50-day simple moving average of $77.76 and a 200-day simple moving average of $67.72. Granite Construction Incorporated has a 52-week low of $33.99 and a 52-week high of $84.10.

Granite Construction (NYSE:GVA) last announced 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 business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $1.03 earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, research 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 was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.13 per share. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.64%. Granite Construction’s payout ratio is presently 88.14%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased their price objective on shares of Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research report 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.