Granite Construction Incorporated (NYSE:GVA) Stock Holdings Lowered by Amalgamated Bank

Amalgamated Bank trimmed its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,846 shares of the construction company’s stock after selling 643 shares during the period. Amalgamated Bank’s holdings in Granite Construction were worth $1,018,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Stephens Inc. AR bought a new stake in shares of Granite Construction during the 3rd quarter worth $369,000. US Bancorp DE lifted its holdings in shares of Granite Construction by 77.5% during the third quarter. US Bancorp DE now owns 2,730 shares of the construction company’s stock valued at $216,000 after purchasing an additional 1,192 shares during the last quarter. Pinnacle Associates Ltd. boosted its position 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 valued at $14,219,000 after purchasing an additional 5,528 shares during the period. Hedges Asset Management LLC purchased a new position in Granite Construction in the 3rd quarter worth about $238,000. Finally, BayBridge Capital Group LLC acquired a new stake in Granite Construction during the 3rd quarter worth about $551,000.

Granite Construction Price Performance

GVA opened at $95.75 on Friday. The firm has a market capitalization of $4.19 billion, a P/E ratio of 43.92 and a beta of 1.39. The stock has a fifty day moving average of $82.60 and a 200-day moving average of $70.90. 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 Incorporated has a 12-month low of $43.92 and a 12-month high of $99.32.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data 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). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company posted $1.69 earnings per share. The firm’s revenue was up 14.2% on a year-over-year basis. Equities analysts forecast that Granite Construction Incorporated will post 5.55 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is presently 23.85%.

Analyst Upgrades and Downgrades

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

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.