Connor Clark & Lunn Investment Management Ltd. Has $1.14 Million Holdings in Granite Construction Incorporated (NYSE:GVA)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Granite Construction Incorporated (NYSE:GVA) by 20.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,354 shares of the construction company’s stock after buying an additional 2,433 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Granite Construction were worth $1,138,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. EFG Asset Management North America Corp. boosted its holdings in shares of Granite Construction by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock valued at $2,365,000 after buying an additional 180 shares during the period. Arizona State Retirement System boosted its holdings in Granite Construction by 1.9% during the second quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock worth $763,000 after purchasing an additional 235 shares during the last quarter. Alpha Cubed Investments LLC boosted its holdings in Granite Construction by 7.2% during the second quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after purchasing an additional 305 shares during the last quarter. Blue Trust Inc. boosted its holdings in Granite Construction by 66.4% during the third 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. Finally, Louisiana State Employees Retirement System boosted its holdings in Granite Construction by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company’s stock worth $1,376,000 after purchasing an additional 400 shares during the last quarter.

Granite Construction Stock Performance

Shares of GVA opened at $98.67 on Thursday. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $100.57. The firm has a fifty day simple moving average of $86.36 and a 200 day simple moving average of $73.26. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 45.31 and a beta of 1.39. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69.

Granite Construction (NYSE:GVA) last posted 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). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the company posted $1.69 earnings per share. The business’s revenue was up 14.2% compared to the same quarter last year. Research analysts forecast 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. Shareholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group increased 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.