58,219 Shares in Granite Construction Incorporated (NYSE:GVA) Acquired by Peregrine Asset Advisers Inc.

Peregrine Asset Advisers Inc. bought a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the 3rd quarter, HoldingsChannel reports. The firm bought 58,219 shares of the construction company’s stock, valued at approximately $4,616,000. Granite Construction comprises approximately 1.6% of Peregrine Asset Advisers Inc.’s holdings, making the stock its 19th largest holding.

A number of other large investors have also recently made changes to their positions in the stock. Rothschild Investment LLC purchased a new position in Granite Construction during the 2nd quarter valued at about $33,000. Blue Trust Inc. grew its stake in Granite Construction by 66.4% during 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 bought a new stake in Granite Construction during the 2nd quarter worth approximately $107,000. GAMMA Investing LLC increased its holdings in shares of Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after purchasing an additional 907 shares during the period. Finally, US Bancorp DE raised its position in shares of Granite Construction by 77.5% in the third quarter. US Bancorp DE now owns 2,730 shares of the construction company’s stock worth $216,000 after buying an additional 1,192 shares in the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Up 2.3 %

NYSE:GVA opened at $97.94 on Monday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $98.21. The company has a market capitalization of $4.28 billion, a PE ratio of 44.93 and a beta of 1.39. The firm’s 50-day moving average price is $80.68 and its 200-day moving average price is $69.94. 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 (NYSE:GVA) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.69 EPS. On average, equities analysts predict that Granite Construction Incorporated will post 5.55 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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

About Granite Construction

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.