RPG Investment Advisory LLC Sells 60,136 Shares of Granite Construction Incorporated (NYSE:GVA)

by · The Markets Daily

RPG Investment Advisory LLC lowered its stake in shares of Granite Construction Incorporated (NYSE:GVA – Free Report) by 20.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 230,633 shares of the construction company’s stock after selling 60,136 shares during the quarter. Granite Construction accounts for about 2.6% of RPG Investment Advisory LLC’s holdings, making the stock its 9th biggest holding. RPG Investment Advisory LLC’s holdings in Granite Construction were worth $18,285,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Millennium Management LLC increased its holdings in Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after buying an additional 1,280,288 shares during the period. Hood River Capital Management LLC acquired a new position in Granite Construction in the 2nd quarter worth approximately $29,143,000. Highbridge Capital Management LLC acquired a new position in Granite Construction in the 2nd quarter worth approximately $4,513,000. Aristeia Capital L.L.C. acquired a new position in Granite Construction in the 2nd quarter worth approximately $4,513,000. Finally, Comerica Bank increased its holdings 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 buying an additional 72,621 shares during the period.

Wall Street Analyst Weigh In

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

View Our Latest Stock Analysis on Granite Construction

Granite Construction Trading Down 1.2 %

Granite Construction stock opened at $97.23 on Wednesday. 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 Incorporated has a 12 month low of $43.92 and a 12 month high of $99.32. The stock’s 50 day simple moving average is $81.63 and its two-hundred day simple moving average is $70.54. The firm has a market cap of $4.25 billion, a PE ratio of 44.60 and a beta of 1.39.

Granite Construction (NYSE:GVA – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 EPS 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 company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the company posted $1.69 EPS. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. Analysts anticipate that Granite Construction Incorporated will post 5.55 earnings per share for the current year.

Granite Construction Dividend Announcement

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 $0.13 dividend. 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 is presently 23.85%.

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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