Public Sector Pension Investment Board Sells 4,500 Shares of Granite Construction Incorporated (NYSE:GVA)

Public Sector Pension Investment Board lowered its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,657 shares of the construction company’s stock after selling 4,500 shares during the quarter. Public Sector Pension Investment Board owned 0.21% of Granite Construction worth $7,346,000 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. Comerica Bank lifted its holdings in shares of Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after acquiring an additional 72,621 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Granite Construction in the 2nd quarter valued at approximately $4,513,000. Aristeia Capital L.L.C. purchased a new position in shares of Granite Construction in the 2nd quarter worth approximately $4,513,000. Raymond James & Associates increased its position in shares of Granite Construction by 16.0% during the 2nd quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock valued at $7,964,000 after purchasing an additional 17,738 shares during the last quarter. Finally, Caxton Associates LP purchased a new stake in Granite Construction during the 2nd quarter valued at $503,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their price objective on shares of Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research note on Wednesday, October 9th.

Granite Construction Stock Performance

Granite Construction stock opened at $99.49 on Friday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $100.57. The company’s 50-day moving average is $87.15 and its 200 day moving average is $73.62. The firm has a market capitalization of $4.35 billion, a P/E ratio of 45.27 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. Research analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend payout ratio is currently 23.85%.

About Granite Construction

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.