BayBridge Capital Group LLC Buys New Holdings in Granite Construction Incorporated (NYSE:GVA)

by · The Markets Daily

BayBridge Capital Group LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA – Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,953 shares of the construction company’s stock, valued at approximately $551,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GVA. Millennium Management LLC raised its holdings in Granite Construction by 99.3% during the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock valued at $159,221,000 after buying an additional 1,280,288 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Granite Construction by 637.4% in the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock valued at $53,523,000 after acquiring an additional 809,803 shares during the period. Hood River Capital Management LLC purchased a new position in shares of Granite Construction in the second quarter valued at about $29,143,000. Russell Investments Group Ltd. raised its stake in shares of Granite Construction by 51.0% during the first quarter. Russell Investments Group Ltd. now owns 152,730 shares of the construction company’s stock valued at $8,725,000 after acquiring an additional 51,597 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Granite Construction by 16.0% during 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 during the period.

Insider Transactions at Granite Construction

In related news, SVP Michael G. Tatusko sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the sale, the senior vice president now directly owns 21,943 shares of the company’s stock, valued at $1,518,894.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.81% of the company’s stock.

Granite Construction Stock Performance

Shares of GVA stock opened at $81.63 on Friday. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 138.35 and a beta of 1.38. The stock has a fifty day moving average of $77.55 and a 200 day moving average of $67.37. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $84.10. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA – Get Free Report) last announced its earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.41. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. As a group, research analysts expect that Granite Construction Incorporated will post 5.24 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. Stockholders of record on Monday, September 30th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is currently 88.14%.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group boosted their price target on Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a report on Wednesday, October 9th.

Read Our Latest Report on Granite Construction

Granite Construction Profile

(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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