Orion Portfolio Solutions LLC Cuts Stake in Granite Construction Incorporated (NYSE:GVA)

Orion Portfolio Solutions LLC trimmed its stake in Granite Construction Incorporated (NYSE:GVA) by 6.8% in the third quarter, Holdings Channel.com reports. The firm owned 23,746 shares of the construction company’s stock after selling 1,724 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Granite Construction were worth $1,883,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GVA. Highbridge Capital Management LLC purchased a new stake in shares of Granite Construction during the 2nd quarter valued at $4,513,000. Aristeia Capital L.L.C. purchased a new stake in Granite Construction during the second quarter valued at about $4,513,000. Raymond James & Associates grew its position in Granite Construction by 16.0% during the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock valued at $7,964,000 after acquiring an additional 17,738 shares during the period. RPg Family Wealth Advisory LLC acquired a new stake in Granite Construction during the third quarter worth about $4,163,000. Finally, Caxton Associates LP purchased a new position in shares of Granite Construction in the 2nd quarter worth about $503,000.

Analysts Set New Price Targets

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

Granite Construction Stock Down 1.7 %

Shares of Granite Construction stock opened at $95.52 on Friday. Granite Construction Incorporated has a twelve month low of $43.92 and a twelve month high of $105.20. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 43.82 and a beta of 1.41. 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 company has a fifty day moving average price of $90.83 and a 200 day moving average price of $76.07.

Granite Construction (NYSE:GVA) last posted its 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). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. Granite Construction’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.69 EPS. Equities research analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.13 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.54%. Granite Construction’s dividend payout ratio (DPR) 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.