Creative Planning Purchases 5,537 Shares of Granite Construction Incorporated (NYSE:GVA)

Creative Planning lifted its position in shares of Granite Construction Incorporated (NYSE:GVA) by 168.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,827 shares of the construction company’s stock after purchasing an additional 5,537 shares during the period. Creative Planning’s holdings in Granite Construction were worth $700,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in GVA. Rothschild Investment LLC purchased a new stake in Granite Construction during the second quarter worth about $33,000. Wellington Shields & Co. LLC increased its holdings in Granite Construction by 30.8% during the first quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after buying an additional 200 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Granite Construction during the second quarter worth about $107,000. GAMMA Investing LLC increased its holdings in Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after buying an additional 907 shares during the last quarter. Finally, Bard Financial Services Inc. purchased a new stake in Granite Construction during the second quarter worth about $215,000.

Insider Activity

In other 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 completion of the transaction, the senior vice president now directly owns 21,943 shares in the company, 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 can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Granite Construction Price Performance

GVA opened at $86.47 on Monday. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 39.67 and a beta of 1.39. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The firm has a 50-day moving average price of $78.73 and a 200-day moving average price of $68.44. Granite Construction Incorporated has a twelve month low of $43.50 and a twelve month high of $88.67.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the business earned $1.69 EPS. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. Equities analysts expect that Granite Construction Incorporated will post 5.24 EPS for the current year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.60%. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Granite Construction 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.