Granite Construction Incorporated (NYSE:GVA) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its stake in Granite Construction Incorporated (NYSE:GVA) by 3.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 179,355 shares of the construction company’s stock after purchasing an additional 5,528 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Granite Construction were worth $14,219,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UniSuper Management Pty Ltd purchased a new stake in shares of Granite Construction during the first quarter valued at approximately $607,000. Comerica Bank increased its stake in Granite Construction by 177.6% during the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after buying an additional 72,621 shares during the period. SG Americas Securities LLC boosted its position in Granite Construction by 296.6% in the 1st quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock valued at $751,000 after buying an additional 9,825 shares during the last quarter. Castleark Management LLC grew its stake in shares of Granite Construction by 4.3% during the first quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock valued at $4,146,000 after acquiring an additional 2,960 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Granite Construction during the second quarter worth about $4,513,000.

Granite Construction Stock Down 0.0 %

NYSE GVA traded down $0.03 during trading hours on Wednesday, reaching $82.50. 114,939 shares of the company traded hands, compared to its average volume of 519,667. The company has a 50 day moving average of $78.01 and a two-hundred day moving average of $67.91. The stock has a market capitalization of $3.64 billion, a PE ratio of 139.76 and a beta of 1.38. Granite Construction Incorporated has a 12 month low of $36.74 and a 12 month high of $84.10. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.41. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.01 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. Granite Construction’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 earnings per share. As a group, equities analysts expect that Granite Construction Incorporated will post 5.24 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.63%. Granite Construction’s dividend payout ratio (DPR) is 88.14%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the sale, the senior vice president now directly owns 21,943 shares in the company, valued at approximately $1,518,894.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

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.