D.A. Davidson & CO. Has $5.18 Million Position in Granite Construction Incorporated (NYSE:GVA)

D.A. Davidson & CO. trimmed its position in Granite Construction Incorporated (NYSE:GVA) by 0.5% during the third quarter, HoldingsChannel.com reports. The fund owned 65,384 shares of the construction company’s stock after selling 313 shares during the period. D.A. Davidson & CO.’s holdings in Granite Construction were worth $5,184,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Comerica Bank grew its stake in Granite Construction by 177.6% in the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after acquiring an additional 72,621 shares during the period. Highbridge Capital Management LLC acquired a new stake in Granite Construction during the 2nd quarter worth approximately $4,513,000. Aristeia Capital L.L.C. acquired a new stake in Granite Construction during the 2nd quarter worth approximately $4,513,000. Raymond James & Associates lifted its stake in Granite Construction by 16.0% in the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company’s stock valued at $7,964,000 after buying an additional 17,738 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Granite Construction by 2.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 37,691 shares of the construction company’s stock valued at $2,153,000 after buying an additional 811 shares during the period.

Analyst Ratings Changes

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

Granite Construction Stock Down 0.1 %

NYSE:GVA opened at $98.67 on Thursday. The stock has a 50-day simple moving average of $86.36 and a 200 day simple moving average of $73.26. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $100.57. The company has a market cap of $4.31 billion, a PE ratio of 45.26 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the business earned $1.69 earnings per share. On average, sell-side analysts expect that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is presently 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.