Public Sector Pension Investment Board Lowers Holdings in Granite Construction Incorporated (NYSE:GVA)

Public Sector Pension Investment Board reduced its position in shares of Granite Construction Incorporated (NYSE:GVA) by 4.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,657 shares of the construction company’s stock after selling 4,500 shares during the quarter. Public Sector Pension Investment Board’s holdings in Granite Construction were worth $7,346,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in GVA. Price T Rowe Associates Inc. MD raised its holdings in shares of Granite Construction by 4.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,727 shares of the construction company’s stock valued at $2,384,000 after acquiring an additional 1,598 shares in the last quarter. Comerica Bank raised 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 purchasing an additional 72,621 shares in the last quarter. Bard Financial Services Inc. purchased a new stake in shares of Granite Construction in the 2nd quarter worth approximately $215,000. Harbor Capital Advisors Inc. boosted its stake in shares of Granite Construction by 24.1% during the second quarter. Harbor Capital Advisors Inc. now owns 19,565 shares of the construction company’s stock valued at $1,212,000 after purchasing an additional 3,795 shares in the last quarter. Finally, Alpha Cubed Investments LLC boosted its stake in shares of Granite Construction by 7.2% during the second quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock valued at $282,000 after purchasing an additional 305 shares in the last quarter.

Granite Construction Price Performance

GVA opened at $99.49 on Friday. The firm has a market capitalization of $4.35 billion, a PE ratio of 45.27 and a beta of 1.39. The business’s 50-day moving average is $87.15 and its two-hundred day moving average is $73.62. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $100.57. 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 posted 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). The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The company’s revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.69 EPS. Research analysts anticipate that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.