Granite Construction Incorporated (NYSE:GVA) Position Raised by Systematic Financial Management LP

Systematic Financial Management LP lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 3.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 604,950 shares of the construction company’s stock after purchasing an additional 18,586 shares during the quarter. Granite Construction comprises about 1.2% of Systematic Financial Management LP’s investment portfolio, making the stock its 11th largest holding. Systematic Financial Management LP owned 1.38% of Granite Construction worth $47,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rothschild Investment LLC bought a new stake in shares of Granite Construction during the second quarter valued at about $33,000. Blue Trust Inc. raised 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 worth $72,000 after acquiring an additional 360 shares in the last quarter. Headlands Technologies LLC purchased a new position in Granite Construction in the 2nd quarter worth about $107,000. GAMMA Investing LLC increased its stake in Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after purchasing an additional 907 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Granite Construction in the 3rd quarter worth about $203,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group lifted their price target 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 Trading Up 1.0 %

NYSE:GVA opened at $100.09 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $100.57. The stock’s 50-day moving average is $88.73 and its two-hundred day moving average is $74.72. The stock has a market cap of $4.37 billion, a PE ratio of 45.91 and a beta of 1.41.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the firm earned $1.69 EPS. The company’s revenue was up 14.2% compared to the same quarter last year. As a group, equities research analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued 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 dividend yield of 0.52%. Granite Construction’s dividend payout ratio is 23.85%.

Granite Construction 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.