Fiduciary Financial Group LLC Takes Position in Granite Construction Incorporated (NYSE:GVA)

Fiduciary Financial Group LLC purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 6,245 shares of the construction company’s stock, valued at approximately $545,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Choreo LLC bought a new position in shares of Granite Construction in the second quarter worth approximately $223,000. Mercer Global Advisors Inc. ADV grew its position in Granite Construction by 12.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 5,711 shares of the construction company’s stock valued at $354,000 after acquiring an additional 639 shares during the last quarter. First Washington CORP grew its position in Granite Construction by 2.0% during the second quarter. First Washington CORP now owns 104,704 shares of the construction company’s stock valued at $6,489,000 after acquiring an additional 2,090 shares during the last quarter. Highbridge Capital Management LLC bought a new position in Granite Construction during the second quarter valued at approximately $4,513,000. Finally, Sei Investments Co. grew its position in Granite Construction by 32.3% during the second quarter. Sei Investments Co. now owns 19,400 shares of the construction company’s stock valued at $1,202,000 after acquiring an additional 4,737 shares during the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Performance

Shares of Granite Construction stock opened at $90.07 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. The firm has a market capitalization of $3.94 billion, a P/E ratio of 41.32 and a beta of 1.43. The business has a fifty day simple moving average of $93.96 and a two-hundred day simple moving average of $80.82. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $105.20.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) 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 firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $1.69 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, equities analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s dividend payout ratio is presently 23.85%.

Granite Construction Company Profile

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.