Granite Construction Incorporated (NYSE:GVA) Stock Position Decreased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Granite Construction Incorporated (NYSE:GVA) by 10.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,976 shares of the construction company’s stock after selling 3,310 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Granite Construction were worth $2,139,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Millennium Management LLC lifted its holdings in shares of Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after purchasing an additional 1,280,288 shares during the last quarter. Hood River Capital Management LLC acquired a new position in shares of Granite Construction during the second quarter valued at $29,143,000. Highbridge Capital Management LLC bought a new position in shares of Granite Construction during the second quarter worth about $4,513,000. Aristeia Capital L.L.C. acquired a new stake in shares of Granite Construction in the 2nd quarter worth about $4,513,000. Finally, Comerica Bank lifted its position in Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after purchasing an additional 72,621 shares during the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Down 1.0 %

Shares of Granite Construction stock opened at $95.75 on Friday. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $99.32. The company has a market capitalization of $4.19 billion, a P/E ratio of 43.92 and a beta of 1.39. The business’s fifty day moving average price is $82.60 and its two-hundred day moving average price is $70.90. 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 quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the company earned $1.69 EPS. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, research analysts forecast that Granite Construction Incorporated will post 5.55 EPS for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.54%. Granite Construction’s dividend payout ratio (DPR) is 23.85%.

Granite Construction Company 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.