Hill City Capital LP Has $77.61 Million Holdings in Granite Construction Incorporated (NYSE:GVA)

Hill City Capital LP grew its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 5.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 978,938 shares of the construction company’s stock after purchasing an additional 48,440 shares during the quarter. Granite Construction comprises about 5.1% of Hill City Capital LP’s investment portfolio, making the stock its 7th biggest position. Hill City Capital LP owned approximately 2.24% of Granite Construction worth $77,610,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Millennium Management LLC lifted its holdings in Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after purchasing an additional 1,280,288 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Granite Construction in the second quarter valued at approximately $29,143,000. Fisher Asset Management LLC boosted its holdings in shares of Granite Construction by 86.4% during the 3rd quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after buying an additional 168,673 shares during the period. Brightline Capital Management LLC acquired a new position in Granite Construction in the 3rd quarter valued at $11,971,000. Finally, Highbridge Capital Management LLC bought a new position in Granite Construction in the 2nd quarter worth $4,513,000.

Granite Construction Trading Down 0.6 %

Shares of Granite Construction stock opened at $98.76 on Tuesday. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 45.30 and a beta of 1.41. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $100.57. The company’s fifty day simple moving average is $87.93 and its 200-day simple moving average is $74.28. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.46). The company had revenue of $1.28 billion during 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 business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.69 earnings per share. As a group, sell-side analysts expect that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend payout ratio is 23.85%.

Analyst Upgrades and Downgrades

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

Granite Construction Company Profile

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.