American Trust Sells 949 Shares of Granite Construction Incorporated (NYSE:GVA)

American Trust reduced its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 21.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,558 shares of the construction company’s stock after selling 949 shares during the quarter. American Trust’s holdings in Granite Construction were worth $282,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Raymond James & Associates lifted its stake in shares of 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 during the period. Louisiana State Employees Retirement System grew its holdings in shares of Granite Construction by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company’s stock worth $1,376,000 after purchasing an additional 400 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Granite Construction during the second quarter valued at approximately $1,616,000. EFG Asset Management North America Corp. increased its position in shares of Granite Construction by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock valued at $2,365,000 after purchasing an additional 180 shares during the period. Finally, Atomi Financial Group Inc. acquired a new position in shares of Granite Construction in the second quarter valued at $275,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted 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.

Granite Construction Stock Down 2.1 %

Shares of GVA opened at $93.50 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average price of $91.07 and a two-hundred day moving average price of $76.29. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 42.89 and a beta of 1.41. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $105.20.

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

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Construction’s payout ratio is 23.85%.

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.