Castleark Management LLC Raises Stock Position in Granite Construction Incorporated (NYSE:GVA)

Castleark Management LLC lifted its stake in Granite Construction Incorporated (NYSE:GVA) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,520 shares of the construction company’s stock after buying an additional 670 shares during the period. Castleark Management LLC owned approximately 0.17% of Granite Construction worth $5,749,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. EFG Asset Management North America Corp. increased its position in 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 worth $2,365,000 after buying an additional 180 shares during the period. Arizona State Retirement System boosted its stake in Granite Construction by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock worth $763,000 after purchasing an additional 235 shares during the period. Alpha Cubed Investments LLC boosted its stake in Granite Construction by 7.2% during the 2nd quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after purchasing an additional 305 shares during the period. Blue Trust Inc. grew its position in Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Granite Construction by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company’s stock valued at $1,376,000 after purchasing an additional 400 shares during the period.

Wall Street Analysts Forecast Growth

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

Granite Construction Price Performance

Granite Construction stock opened at $98.21 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The business has a 50 day simple moving average of $89.51 and a 200-day simple moving average of $75.14. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $105.20. The stock has a market capitalization of $4.29 billion, a PE ratio of 45.05 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 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.46). The firm 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 firm’s revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted $1.69 EPS. Equities analysts predict that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Dividend Announcement

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