Advisors Asset Management Inc. boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVA – Free Report) by 17.6% in the third quarter, HoldingsChannel.com reports. The fund owned 91,951 shares of the construction company’s stock after buying an additional 13,752 shares during the quarter. Advisors Asset Management Inc.’s holdings in Granite Construction were worth $7,290,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Rothschild Investment LLC purchased a new stake in Granite Construction in the second quarter valued at approximately $33,000. Blue Trust Inc. grew its holdings in Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after purchasing an additional 360 shares during the period. Headlands Technologies LLC purchased a new stake in Granite Construction in the second quarter valued at approximately $107,000. GAMMA Investing LLC grew its holdings in Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after purchasing an additional 907 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Granite Construction in the third quarter valued at approximately $214,000.
Granite Construction Trading Down 0.3 %
Shares of GVA stock opened at $97.25 on Thursday. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 44.61 and a beta of 1.39. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $99.32. The firm’s 50 day moving average price is $84.56 and its two-hundred day moving average price is $72.12.
Granite Construction Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.13 per share. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.53%. Granite Construction’s payout ratio is currently 23.85%.
Analyst Ratings Changes
Separately, The Goldman Sachs Group lifted their price target on shares of Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research report on Wednesday, October 9th.
Get Our Latest Research Report on Granite Construction
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.
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