Granite Construction Incorporated (NYSE:GVA) Shares Sold by Empower Advisory Group LLC

Empower Advisory Group LLC decreased its position in Granite Construction Incorporated (NYSE:GVA) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 341,741 shares of the construction company’s stock after selling 3,137 shares during the quarter. Empower Advisory Group LLC’s holdings in Granite Construction were worth $27,093,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GVA. Rothschild Investment LLC acquired a new stake in Granite Construction in the second quarter valued at approximately $33,000. Blue Trust Inc. raised its holdings in Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after acquiring an additional 360 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Granite Construction in the second quarter valued at approximately $107,000. GAMMA Investing LLC raised its holdings in Granite Construction by 82.5% in the third 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. acquired a new stake in Granite Construction in the second quarter valued at approximately $215,000.

Granite Construction Stock Down 0.4 %

GVA stock opened at $96.80 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.46 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 $99.32. The company’s 50 day moving average is $82.12 and its two-hundred day moving average is $70.72. The stock has a market cap of $4.23 billion, a P/E ratio of 44.40 and a beta of 1.39.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share 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 analyst estimates of $1.29 billion. During the same period in the previous year, the business posted $1.69 EPS. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. Research analysts expect that Granite Construction Incorporated will post 5.55 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised 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 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.