Dynamic Technology Lab Private Ltd Makes New Investment in Granite Construction Incorporated (NYSE:GVA)

Dynamic Technology Lab Private Ltd bought a new position in Granite Construction Incorporated (NYSE:GVA) during the third quarter, HoldingsChannel.com reports. The fund bought 11,455 shares of the construction company’s stock, valued at approximately $908,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rothschild Investment LLC bought a new stake in Granite Construction during the 2nd quarter valued at about $33,000. Blue Trust Inc. grew its holdings in shares of Granite Construction by 66.4% during the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after buying an additional 360 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Granite Construction during the second quarter valued at approximately $107,000. GAMMA Investing LLC raised its holdings in Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after acquiring an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in Granite Construction in the 3rd quarter valued at approximately $214,000.

Granite Construction Price Performance

GVA opened at $98.67 on Thursday. The company’s 50-day simple moving average is $86.36 and its two-hundred day simple moving average is $73.26. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $100.57. The stock has a market capitalization of $4.31 billion, a P/E ratio of 45.26 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the company earned $1.69 EPS. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. As a group, analysts predict that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is currently 23.85%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group lifted 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.