Granite Construction Incorporated $GVA Holdings Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in Granite Construction Incorporated (NYSE:GVA) by 33.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,650 shares of the construction company’s stock after selling 4,757 shares during the period. State of Alaska Department of Revenue’s holdings in Granite Construction were worth $1,118,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its position in shares of Granite Construction by 696.4% in the 3rd quarter. Fortitude Family Office LLC now owns 223 shares of the construction company’s stock worth $26,000 after purchasing an additional 195 shares during the period. QRG Capital Management Inc. bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $208,000. WINTON GROUP Ltd purchased a new position in shares of Granite Construction during the second quarter valued at about $933,000. NorthRock Partners LLC purchased a new position in shares of Granite Construction during the second quarter valued at about $218,000. Finally, Squarepoint Ops LLC raised its stake in Granite Construction by 39.0% in the second quarter. Squarepoint Ops LLC now owns 228,163 shares of the construction company’s stock worth $36,068,000 after buying an additional 64,007 shares in the last quarter.

Insider Buying and Selling

In other Granite Construction news, Director Carlos M. Hernandez acquired 400 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $123.99 per share, with a total value of $49,596.00. Following the completion of the purchase, the director directly owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. The trade was a 8.63% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on GVA. The Goldman Sachs Group lowered their price objective on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a report on Friday, July 31st. Stephens initiated coverage on Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price objective on the stock. Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings lowered Granite Construction from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, September 2nd. Finally, Oppenheimer increased their target price on Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $158.50.

Granite Construction Stock Performance

Shares of Granite Construction stock opened at $109.65 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $4.80 billion, a P/E ratio of 17.30 and a beta of 1.34. The business has a fifty day simple moving average of $117.76 and a two-hundred day simple moving average of $127.80. Granite Construction Incorporated has a 12 month low of $97.26 and a 12 month high of $162.08.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The business’s quarterly revenue was up 28.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. On average, equities analysts forecast that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, September 30th. Granite Construction’s dividend payout ratio (DPR) is -12.06%.

About Granite Construction

Granite Construction Incorporated (NYSE:GVA) is an infrastructure construction company that provides engineering, construction and rehabilitation services for public and private-sector clients. The company’s work supports transportation, water and other essential infrastructure projects across the United States.

Granite’s transportation activities include the construction and maintenance of highways, roads, bridges, airports, rail systems and other transit facilities. Its water-related services include the development and improvement of water treatment and distribution systems, wastewater facilities, dams, pipelines and related infrastructure.