US Bancorp DE Buys 1,192 Shares of Granite Construction Incorporated (NYSE:GVA)

US Bancorp DE lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 77.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,730 shares of the construction company’s stock after purchasing an additional 1,192 shares during the quarter. US Bancorp DE’s holdings in Granite Construction were worth $216,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new position in shares of Granite Construction during the 2nd quarter valued at $33,000. Blue Trust Inc. grew its position in Granite Construction by 66.4% during 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 2nd quarter worth about $107,000. GAMMA Investing LLC raised its holdings in shares of Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after acquiring an additional 907 shares in the last quarter. Finally, Bard Financial Services Inc. bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $215,000.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Performance

NYSE:GVA opened at $95.75 on Friday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $99.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The business has a 50 day moving average of $82.60 and a 200 day moving average of $70.90. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 43.92 and a beta of 1.39.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business posted $1.69 EPS. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, sell-side analysts predict that Granite Construction Incorporated will post 5.55 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business 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 of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.54%. Granite Construction’s payout ratio is 23.85%.

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.