Granite Construction Incorporated (NYSE:GVA) Stake Lessened by Stifel Financial Corp

Stifel Financial Corp decreased its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 27.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,050 shares of the construction company’s stock after selling 2,296 shares during the quarter. Stifel Financial Corp’s holdings in Granite Construction were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of GVA. Millennium Management LLC increased its position in Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after purchasing an additional 1,280,288 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Granite Construction during the 2nd quarter valued at $29,143,000. Fisher Asset Management LLC lifted its stake in shares of Granite Construction by 86.4% in the 3rd quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock valued at $28,843,000 after purchasing an additional 168,673 shares during the last quarter. Brightline Capital Management LLC acquired a new position in Granite Construction during the third quarter worth $11,971,000. Finally, Highbridge Capital Management LLC bought a new position in Granite Construction during the second quarter valued at about $4,513,000.

Granite Construction Stock Performance

NYSE GVA opened at $89.10 on Friday. The stock has a market cap of $3.89 billion, a P/E ratio of 40.87 and a beta of 1.41. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. Granite Construction Incorporated has a twelve month low of $43.92 and a twelve month high of $105.20. The company’s 50-day simple moving average is $92.79 and its 200 day simple moving average is $78.16.

Granite Construction (NYSE:GVA) last announced its quarterly 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm earned $1.69 EPS. Granite Construction’s quarterly revenue was up 14.2% compared to the same quarter last year. As a group, research analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised their price objective on Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research note 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.