Raymond James Trust N.A. Makes New Investment in Granite Construction Incorporated (NYSE:GVA)

Raymond James Trust N.A. purchased a new position in Granite Construction Incorporated (NYSE:GVA) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,019 shares of the construction company’s stock, valued at approximately $239,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new position in shares of Granite Construction in the second quarter worth $33,000. Blue Trust Inc. increased its position in Granite Construction by 66.4% in 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. Headlands Technologies LLC acquired a new stake in shares of Granite Construction during the 2nd quarter valued at about $107,000. GAMMA Investing LLC grew its stake in shares of Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after buying an additional 907 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Granite Construction in the 3rd quarter valued at approximately $214,000.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group lifted their target price 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 Price Performance

Shares of NYSE:GVA opened at $98.69 on Friday. The stock has a market capitalization of $4.31 billion, a P/E ratio of 45.27 and a beta of 1.39. The business has a 50-day moving average of $86.79 and a two-hundred day moving average of $73.44. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46.

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

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date 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 23.85%.

Granite Construction 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.