Granite Construction Incorporated $GVA Stock Position Raised by Cartenna Capital LP

Cartenna Capital LP lifted its position in Granite Construction Incorporated (NYSE:GVA) by 22.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 610,000 shares of the construction company’s stock after acquiring an additional 110,000 shares during the quarter. Granite Construction makes up about 1.9% of Cartenna Capital LP’s holdings, making the stock its 15th biggest holding. Cartenna Capital LP owned 1.40% of Granite Construction worth $66,886,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ethic Inc. lifted its holdings in shares of Granite Construction by 4.6% in the third quarter. Ethic Inc. now owns 2,341 shares of the construction company’s stock valued at $257,000 after purchasing an additional 104 shares in the last quarter. Callan Family Office LLC grew its holdings in shares of Granite Construction by 4.4% during the third quarter. Callan Family Office LLC now owns 2,774 shares of the construction company’s stock valued at $304,000 after buying an additional 118 shares in the last quarter. Evergreen Capital Management LLC raised its position in Granite Construction by 4.5% during the second quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock valued at $263,000 after buying an additional 120 shares during the period. Nisa Investment Advisors LLC raised its position in Granite Construction by 1.3% during the third quarter. Nisa Investment Advisors LLC now owns 10,675 shares of the construction company’s stock valued at $1,172,000 after buying an additional 140 shares during the period. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in Granite Construction by 1.7% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 9,074 shares of the construction company’s stock worth $849,000 after acquiring an additional 153 shares in the last quarter.

Granite Construction Stock Performance

Shares of GVA stock opened at $120.75 on Friday. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $137.24. The stock’s 50-day moving average is $126.22 and its two-hundred day moving average is $114.44. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market cap of $5.25 billion, a P/E ratio of 32.99 and a beta of 1.30.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.06. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The firm’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.23 EPS. Analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.13 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio is 14.21%.

Analyst Ratings Changes

A number of brokerages have commented on GVA. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. The Goldman Sachs Group raised their price target on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Zacks Research raised shares of Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, DA Davidson upped their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.50.

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.