Granite Construction Incorporated (NYSE:GVA) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 179,355 shares of the construction company’s stock after purchasing an additional 5,528 shares during the period. Pinnacle Associates Ltd. owned approximately 0.41% of Granite Construction worth $14,219,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GVA. UniSuper Management Pty Ltd purchased a new position in Granite Construction in the first quarter valued at about $607,000. Comerica Bank raised 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 purchasing an additional 72,621 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Granite Construction by 296.6% in the first quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock valued at $751,000 after buying an additional 9,825 shares in the last quarter. Castleark Management LLC boosted its position in shares of Granite Construction by 4.3% in the 1st quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock worth $4,146,000 after buying an additional 2,960 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in Granite Construction in the 2nd quarter valued at about $4,513,000.

Insiders Place Their Bets

In related news, SVP Michael G. Tatusko sold 5,000 shares of the firm’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 value of $346,100.00. Following the sale, the senior vice president now directly owns 21,943 shares of the company’s stock, valued at approximately $1,518,894.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is owned by corporate insiders.

Granite Construction Price Performance

GVA stock traded down $0.03 during trading on Wednesday, hitting $82.50. The stock had a trading volume of 114,939 shares, compared to its average volume of 519,667. Granite Construction Incorporated has a 1-year low of $36.74 and a 1-year high of $84.10. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 139.76 and a beta of 1.38. The company’s 50 day moving average price is $78.01 and its two-hundred day moving average price is $67.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.56 and a current ratio of 1.68.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data 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. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 earnings per share. On average, sell-side analysts forecast that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 0.63%. Granite Construction’s dividend payout ratio (DPR) is presently 88.14%.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group increased their price target on shares of Granite Construction from $61.00 to $70.00 and gave the company 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.