Tidal Investments LLC boosted its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 195.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,730 shares of the construction company's stock after purchasing an additional 9,089 shares during the period. Tidal Investments LLC's holdings in Granite Construction were worth $1,089,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. Rothschild Investment LLC acquired a new stake in shares of Granite Construction in the second quarter valued at about $33,000. Blue Trust Inc. grew its position 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 acquiring an additional 360 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Granite Construction in the second quarter valued at approximately $107,000. GAMMA Investing LLC raised its stake in shares of Granite Construction by 82.5% during 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, Point72 DIFC Ltd acquired a new position in shares of Granite Construction during the third quarter worth $203,000.
Shares of GVA opened at $90.00 on Friday. Granite Construction Incorporated has a one year low of $43.92 and a one year high of $105.20. The stock has a 50-day moving average price of $91.89 and a 200 day moving average price of $77.10. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The company has a market capitalization of $3.93 billion, a P/E ratio of 41.28 and a beta of 1.41.
Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.51 by ($0.46). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The firm's quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.69 EPS. Sell-side analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction's payout ratio is currently 23.85%.
Separately, The Goldman Sachs Group raised their price target on shares of Granite Construction from $61.00 to $70.00 and gave the company a "sell" rating in a report on Wednesday, October 9th.
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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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