Rock Point Advisors LLC Sells 29,765 Shares of Granite Construction Incorporated (NYSE:GVA)

Rock Point Advisors LLC lessened its position in shares of Granite Construction Incorporated (NYSE:GVA) by 30.8% in the third quarter, HoldingsChannel.com reports. The fund owned 66,816 shares of the construction company’s stock after selling 29,765 shares during the period. Granite Construction comprises approximately 1.4% of Rock Point Advisors LLC’s portfolio, making the stock its 28th biggest holding. Rock Point Advisors LLC’s holdings in Granite Construction were worth $5,297,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Comerica Bank lifted its stake in shares of Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after acquiring an additional 72,621 shares during the last quarter. Castleark Management LLC lifted its stake 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 valued at $4,146,000 after purchasing an additional 2,960 shares during the period. Highbridge Capital Management LLC acquired a new stake in Granite Construction during the second quarter worth approximately $4,513,000. Aristeia Capital L.L.C. bought a new stake in shares of Granite Construction in the 2nd quarter valued at $4,513,000. Finally, Raymond James & Associates grew its holdings in Granite Construction by 16.0% in the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock worth $7,964,000 after purchasing an additional 17,738 shares during the period.

Granite Construction Stock Performance

Shares of GVA traded down $0.57 on Tuesday, reaching $98.56. 25,641 shares of the company’s stock traded hands, compared to its average volume of 537,140. The stock has a market cap of $4.31 billion, a PE ratio of 45.47 and a beta of 1.39. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $100.57. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. The stock’s 50 day simple moving average is $85.50 and its two-hundred day simple moving average is $72.75.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the company posted $1.69 EPS. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Analyst Ratings Changes

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