Brightline Capital Management LLC Purchases Shares of 151,000 Granite Construction Incorporated (NYSE:GVA)

Brightline Capital Management LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 151,000 shares of the construction company’s stock, valued at approximately $11,971,000. Granite Construction accounts for about 5.1% of Brightline Capital Management LLC’s holdings, making the stock its 11th biggest position. Brightline Capital Management LLC owned about 0.35% of Granite Construction as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GVA. Millennium Management LLC increased its position in Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock valued at $159,221,000 after buying an additional 1,280,288 shares in the last quarter. Mizuho Markets Americas LLC grew its stake in Granite Construction by 2.5% in the third quarter. Mizuho Markets Americas LLC now owns 596,158 shares of the construction company’s stock valued at $47,263,000 after acquiring an additional 14,716 shares during the period. Hood River Capital Management LLC bought a new stake in shares of Granite Construction during the second quarter valued at approximately $29,143,000. Fisher Asset Management LLC raised its position in shares of Granite Construction by 86.4% during the third quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after purchasing an additional 168,673 shares during the period. Finally, Pinnacle Associates Ltd. lifted its holdings in shares of Granite Construction by 3.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 179,355 shares of the construction company’s stock worth $14,219,000 after purchasing an additional 5,528 shares in the last quarter.

Granite Construction Stock Up 0.5 %

GVA stock traded up $0.47 during mid-day trading on Wednesday, reaching $99.23. 9,216 shares of the company traded hands, compared to its average volume of 536,918. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 45.31 and a beta of 1.39. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $100.57. The firm’s 50 day moving average price is $86.36 and its 200 day moving average price is $73.26. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69.

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

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.52%. The ex-dividend date was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Analyst Ratings Changes

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 research note on Wednesday, October 9th.

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.