Granite Construction Incorporated $GVA Holdings Cut by Rock Point Advisors LLC

Rock Point Advisors LLC reduced its stake in Granite Construction Incorporated (NYSE:GVA) by 7.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,259 shares of the construction company’s stock after selling 4,522 shares during the period. Granite Construction accounts for about 1.7% of Rock Point Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. Rock Point Advisors LLC owned about 0.14% of Granite Construction worth $6,498,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Frontier Capital Management Co. LLC boosted its position in Granite Construction by 14.3% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,370,029 shares of the construction company’s stock valued at $128,111,000 after purchasing an additional 171,904 shares during the period. First Trust Advisors LP lifted its stake in Granite Construction by 4.0% in the second quarter. First Trust Advisors LP now owns 1,221,031 shares of the construction company’s stock valued at $114,179,000 after buying an additional 46,552 shares during the last quarter. Geode Capital Management LLC lifted its stake in Granite Construction by 0.8% in the second quarter. Geode Capital Management LLC now owns 1,037,916 shares of the construction company’s stock valued at $97,066,000 after buying an additional 7,979 shares during the last quarter. Hood River Capital Management LLC boosted its holdings in shares of Granite Construction by 36.6% during the second quarter. Hood River Capital Management LLC now owns 647,093 shares of the construction company’s stock valued at $60,510,000 after acquiring an additional 173,237 shares during the period. Finally, Boston Partners grew its position in shares of Granite Construction by 0.3% during the second quarter. Boston Partners now owns 589,212 shares of the construction company’s stock worth $55,190,000 after acquiring an additional 2,003 shares during the last quarter.

Analyst Upgrades and Downgrades

GVA has been the topic of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. The Goldman Sachs Group raised their price target on shares of Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Zacks Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. DA Davidson increased their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $139.50.

Granite Construction Stock Down 1.3%

GVA stock opened at $132.13 on Wednesday. The firm’s 50-day moving average is $124.97 and its two-hundred day moving average is $113.60. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 36.10 and a beta of 1.30. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $137.24. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.79.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, February 12th. The construction company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the business earned $1.23 earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.13 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio is 14.21%.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.