Sapphire Star Partners LP lifted its position in shares of Granite Construction Incorporated (NYSE:GVA) by 47.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,421 shares of the construction company’s stock after purchasing an additional 2,704 shares during the period. Sapphire Star Partners LP’s holdings in Granite Construction were worth $487,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GVA. Royal Bank of Canada lifted its position in Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after acquiring an additional 879 shares during the last quarter. Sei Investments Co. lifted its position in Granite Construction by 38.3% in the second quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock valued at $158,000 after acquiring an additional 909 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after acquiring an additional 218 shares during the last quarter. Riverhead Capital Management LLC lifted its position in Granite Construction by 65.0% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after acquiring an additional 1,430 shares during the last quarter. Finally, Flinton Capital Management LLC lifted its position in Granite Construction by 68.8% in the second quarter. Flinton Capital Management LLC now owns 3,672 shares of the construction company’s stock valued at $177,000 after acquiring an additional 1,496 shares during the last quarter. 98.85% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently weighed in on GVA. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Tuesday, October 31st. DA Davidson reissued a “hold” rating and issued a $65.00 price target on shares of Granite Construction in a research report on Monday, October 30th. Canaccord Genuity boosted their price target on shares of Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, October 30th. FBR & Co reissued a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a research report on Tuesday, October 3rd. Finally, Seaport Global Securities cut shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target for the company. in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $67.00.

In other Granite Construction news, insider James D. Richards sold 4,000 shares of Granite Construction stock in a transaction on Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.30% of the company’s stock.

Granite Construction Incorporated (NYSE:GVA) traded up $0.32 during midday trading on Friday, reaching $64.18. 316,918 shares of the company’s stock were exchanged, compared to its average volume of 327,922. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $2,557.64, a price-to-earnings ratio of 49.75, a PEG ratio of 5.63 and a beta of 1.24. Granite Construction Incorporated has a one year low of $45.14 and a one year high of $64.92.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The company had revenue of $957.10 million for the quarter, compared to analyst estimates of $905.14 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. Granite Construction’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 earnings per share. research analysts anticipate that Granite Construction Incorporated will post 1.63 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $0.13 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.81%. Granite Construction’s dividend payout ratio is presently 40.31%.

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About Granite Construction

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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