Blue Trust Inc. Acquires 360 Shares of Granite Construction Incorporated (NYSE:GVA)

Blue Trust Inc. lifted its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 66.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 902 shares of the construction company’s stock after acquiring an additional 360 shares during the period. Blue Trust Inc.’s holdings in Granite Construction were worth $72,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in GVA. Millennium Management LLC lifted its holdings in Granite Construction by 99.3% during the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock valued at $159,221,000 after purchasing an additional 1,280,288 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in Granite Construction in the 2nd quarter valued at about $29,143,000. Highbridge Capital Management LLC acquired a new stake in Granite Construction in the 2nd quarter valued at about $4,513,000. Aristeia Capital L.L.C. acquired a new stake in Granite Construction in the 2nd quarter valued at about $4,513,000. Finally, Comerica Bank increased its position in 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 in the last quarter.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised their price objective 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 Trading Down 0.6 %

GVA opened at $82.01 on Thursday. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $3.62 billion, a PE ratio of 139.00 and a beta of 1.38. Granite Construction Incorporated has a 1-year low of $36.74 and a 1-year high of $84.10. The firm has a 50-day moving average price of $78.01 and a two-hundred day moving average price of $67.91.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, topping 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 company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the company earned $1.03 EPS. Granite Construction’s revenue was up 20.5% on a year-over-year basis. As a group, equities analysts anticipate that Granite Construction Incorporated will post 5.24 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared 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 0.63%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is 88.14%.

Insider Transactions at Granite Construction

In other news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction 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 completion of the sale, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is owned by corporate insiders.

About Granite Construction

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.