RPG Investment Advisory LLC Decreases Stake in Granite Construction Incorporated $GVA

RPG Investment Advisory LLC lowered its position in Granite Construction Incorporated (NYSE:GVA) by 28.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 168,395 shares of the construction company’s stock after selling 68,507 shares during the period. Granite Construction makes up approximately 2.2% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 16th largest holding. RPG Investment Advisory LLC owned 0.38% of Granite Construction worth $18,465,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Salomon & Ludwin LLC acquired a new stake in Granite Construction in the 3rd quarter valued at $42,000. Blue Trust Inc. lifted its position in Granite Construction by 31.5% in the third quarter. Blue Trust Inc. now owns 898 shares of the construction company’s stock valued at $98,000 after buying an additional 215 shares during the last quarter. CWM LLC increased its holdings in Granite Construction by 64.7% in the 2nd quarter. CWM LLC now owns 1,110 shares of the construction company’s stock valued at $104,000 after purchasing an additional 436 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Granite Construction in the 2nd quarter valued at $138,000. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Granite Construction by 7.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,642 shares of the construction company’s stock valued at $154,000 after purchasing an additional 111 shares during the period.

Granite Construction Stock Up 0.5%

Shares of Granite Construction stock opened at $120.56 on Wednesday. The business has a 50-day moving average price of $109.15 and a 200 day moving average price of $104.96. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $121.63. The firm has a market cap of $5.26 billion, a P/E ratio of 34.74 and a beta of 1.32. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.56 by $0.14. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.51 billion. Granite Construction had a return on equity of 24.04% and a net margin of 4.31%.The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.05 EPS. On average, sell-side analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, December 31st. Granite Construction’s dividend payout ratio (DPR) is presently 14.99%.

Analysts Set New Price Targets

A number of equities analysts recently commented on GVA shares. DA Davidson boosted their target price on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a research note on Monday, December 29th. Zacks Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. The Goldman Sachs Group started coverage on shares of Granite Construction in a report on Monday, November 24th. They issued a “neutral” rating and a $109.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Granite Construction currently has an average rating of “Hold” and a consensus target price of $119.50.

Insider Activity at Granite Construction

In related news, Director Celeste Beeks Mastin sold 7,614 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $105.23, for a total transaction of $801,221.22. Following the completion of the sale, the director owned 10,206 shares of the company’s stock, valued at $1,073,977.38. This represents a 42.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.