Fisher Asset Management LLC Buys 168,673 Shares of Granite Construction Incorporated (NYSE:GVA)

Fisher Asset Management LLC raised its position in shares of Granite Construction Incorporated (NYSE:GVAFree Report) by 86.4% during the third quarter, HoldingsChannel reports. The fund owned 363,816 shares of the construction company’s stock after acquiring an additional 168,673 shares during the quarter. Fisher Asset Management LLC’s holdings in Granite Construction were worth $28,843,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Rothschild Investment LLC purchased a new position in shares of Granite Construction during the 2nd quarter worth about $33,000. Blue Trust Inc. lifted its stake in Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Granite Construction during the second quarter valued at approximately $107,000. GAMMA Investing LLC grew its stake in shares of Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after buying an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Granite Construction in the third quarter worth approximately $214,000.

Granite Construction Trading Down 0.4 %

NYSE GVA opened at $98.78 on Wednesday. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $100.57. The company’s 50-day moving average price is $85.94 and its 200-day moving average price is $73.01. The stock has a market cap of $4.32 billion, a PE ratio of 45.31 and a beta of 1.39. 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 (NYSE:GVAGet Free Report) last issued its earnings results on Thursday, October 31st. The construction company reported $2.05 EPS 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 during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company earned $1.69 earnings per share. Granite Construction’s revenue was up 14.2% on a year-over-year basis. Equities research analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently announced 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. This represents a $0.52 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group boosted 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.

Get Our Latest Stock Analysis on GVA

About Granite Construction

(Free Report)

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.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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