John G Ullman & Associates Inc. Reduces Holdings in Granite Construction Incorporated (NYSE:GVA)

John G Ullman & Associates Inc. lowered its position in Granite Construction Incorporated (NYSE:GVA) by 0.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,960 shares of the construction company’s stock after selling 500 shares during the quarter. Granite Construction accounts for approximately 1.2% of John G Ullman & Associates Inc.’s holdings, making the stock its 20th biggest holding. John G Ullman & Associates Inc. owned about 0.24% of Granite Construction worth $8,401,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Rothschild Investment LLC purchased a new position in Granite Construction in the second quarter valued at about $33,000. Blue Trust Inc. raised its position in shares of Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Granite Construction during the 2nd quarter valued at approximately $107,000. GAMMA Investing LLC increased its stake in shares of Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after buying an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Granite Construction in the third quarter worth $214,000.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised their price objective 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.

Granite Construction Stock Performance

Shares of GVA opened at $97.25 on Thursday. The business’s fifty day moving average price is $84.56 and its 200 day moving average price is $72.12. 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 Incorporated has a 12-month low of $43.92 and a 12-month high of $99.32. The stock has a market capitalization of $4.25 billion, a PE ratio of 44.61 and a beta of 1.39.

Granite Construction (NYSE:GVA) last released 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). The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. Granite Construction’s revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.69 EPS. Equities research analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is 23.85%.

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.