Longboard Asset Management LP Purchases Shares of 2,545 Granite Construction Incorporated (NYSE:GVA)

Longboard Asset Management LP acquired a new position in Granite Construction Incorporated (NYSE:GVA) in the 4th quarter, HoldingsChannel reports. The firm acquired 2,545 shares of the construction company’s stock, valued at approximately $223,000.

A number of other large investors have also recently made changes to their positions in the business. Sei Investments Co. lifted its stake in Granite Construction by 32.3% in the second quarter. Sei Investments Co. now owns 19,400 shares of the construction company’s stock worth $1,202,000 after acquiring an additional 4,737 shares during the period. AQR Capital Management LLC lifted its position in shares of Granite Construction by 7.6% in the 2nd quarter. AQR Capital Management LLC now owns 11,490 shares of the construction company’s stock worth $712,000 after purchasing an additional 813 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Granite Construction by 5.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,580 shares of the construction company’s stock valued at $1,523,000 after purchasing an additional 1,349 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Granite Construction during the third quarter valued at about $358,000. Finally, Handelsbanken Fonder AB raised its stake in Granite Construction by 82.5% in the third quarter. Handelsbanken Fonder AB now owns 10,837 shares of the construction company’s stock worth $859,000 after buying an additional 4,900 shares in the last quarter.

Granite Construction Stock Down 1.6 %

NYSE:GVA opened at $86.70 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The firm’s 50-day moving average price is $92.03 and its 200-day moving average price is $83.59. The company has a market capitalization of $3.79 billion, a PE ratio of 39.77 and a beta of 1.42. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $105.20.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Tuesday, December 31st. Granite Construction’s dividend payout ratio is 23.85%.

Analyst Upgrades and Downgrades

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

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.