Rock Point Advisors LLC Sells 29,765 Shares of Granite Construction Incorporated (NYSE:GVA)

Rock Point Advisors LLC cut its position in Granite Construction Incorporated (NYSE:GVA) by 30.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,816 shares of the construction company’s stock after selling 29,765 shares during the period. Granite Construction comprises about 1.4% of Rock Point Advisors LLC’s portfolio, making the stock its 28th largest position. Rock Point Advisors LLC owned approximately 0.15% of Granite Construction worth $5,297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GVA. Comerica Bank boosted its stake in Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after purchasing an additional 72,621 shares during the period. Castleark Management LLC lifted its stake in Granite Construction by 4.3% in the 1st quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock valued at $4,146,000 after acquiring an additional 2,960 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in Granite Construction during the 2nd quarter worth approximately $4,513,000. Aristeia Capital L.L.C. acquired a new position in Granite Construction during the 2nd quarter worth approximately $4,513,000. Finally, Raymond James & Associates lifted its position in shares of Granite Construction by 16.0% in the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock worth $7,964,000 after purchasing an additional 17,738 shares in the last quarter.

Granite Construction Stock Performance

Granite Construction stock traded down $0.57 during midday trading on Tuesday, reaching $98.56. 25,641 shares of the company’s stock were exchanged, compared to its average volume of 537,140. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The stock’s 50-day simple moving average is $85.50 and its 200 day simple moving average is $72.75. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 45.47 and a beta of 1.39. Granite Construction Incorporated has a 52 week low of $43.92 and a 52 week high of $100.57.

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 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 business 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 firm posted $1.69 earnings per share. The firm’s revenue was up 14.2% compared to the same quarter last year. On average, analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 annualized dividend and a yield of 0.53%. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Analysts Set New Price Targets

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 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.