EFG Asset Management North America Corp. Sells 14,597 Shares of Granite Construction Incorporated $GVA

EFG Asset Management North America Corp. cut its stake in Granite Construction Incorporated (NYSE:GVA) by 24.6% in the 3rd quarter, Holdings Channel reports. The fund owned 44,701 shares of the construction company’s stock after selling 14,597 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Granite Construction were worth $4,900,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Granite Construction during the 2nd quarter valued at about $24,812,000. Squarepoint Ops LLC lifted its position in Granite Construction by 241.7% in the 2nd quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company’s stock worth $28,522,000 after buying an additional 215,752 shares during the last quarter. Mizuho Markets Cayman LP purchased a new stake in Granite Construction in the second quarter worth approximately $18,702,000. Hood River Capital Management LLC grew its position in Granite Construction by 36.6% during the second quarter. Hood River Capital Management LLC now owns 647,093 shares of the construction company’s stock valued at $60,510,000 after acquiring an additional 173,237 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its stake in shares of Granite Construction by 14.3% during the second quarter. Frontier Capital Management Co. LLC now owns 1,370,029 shares of the construction company’s stock worth $128,111,000 after acquiring an additional 171,904 shares in the last quarter.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $119.53 on Tuesday. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 34.45 and a beta of 1.32. The company has a 50-day moving average price of $114.53 and a 200-day moving average price of $107.75. The company has a current ratio of 1.21, a quick ratio of 1.12 and a debt-to-equity ratio of 0.80. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $124.99.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, November 6th. The construction company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.14. Granite Construction had a return on equity of 24.04% and a net margin of 4.31%.The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the firm earned $2.05 earnings per share. Granite Construction’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction’s payout ratio is 14.99%.

Insider Activity at Granite Construction

In related news, Director Celeste Beeks Mastin sold 7,614 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $105.23, for a total transaction of $801,221.22. Following the completion of the transaction, the director owned 10,206 shares in the company, valued at $1,073,977.38. This represents a 42.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GVA has been the subject of a number of research reports. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. DA Davidson boosted their price target on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. The Goldman Sachs Group initiated coverage on Granite Construction in a research note on Monday, November 24th. They set a “neutral” rating and a $109.00 price objective on the stock. Zacks Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Granite Construction currently has an average rating of “Moderate Buy” and a consensus price target of $119.50.

Granite Construction Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.