Granite Construction Incorporated (NYSE:GVA) Shares Sold by Credit Suisse AG

Credit Suisse AG trimmed its position in Granite Construction Incorporated (NYSE:GVA) by 39.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,809 shares of the construction company’s stock after selling 57,040 shares during the quarter. Credit Suisse AG owned approximately 0.20% of Granite Construction worth $3,607,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Granite Construction by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 5,107,922 shares of the construction company’s stock valued at $167,539,000 after buying an additional 44,497 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Granite Construction by 6.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,948,153 shares of the construction company’s stock worth $103,392,000 after purchasing an additional 184,052 shares during the last quarter. State Street Corp grew its position in Granite Construction by 58.4% during the 3rd quarter. State Street Corp now owns 2,764,283 shares of the construction company’s stock worth $70,544,000 after purchasing an additional 1,019,112 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Granite Construction by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,674,753 shares of the construction company’s stock worth $93,804,000 after purchasing an additional 20,130 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Granite Construction by 11.3% during the 4th quarter. Bank of America Corp DE now owns 874,309 shares of the construction company’s stock worth $30,662,000 after purchasing an additional 88,768 shares during the last quarter.

Granite Construction Stock Up 0.5 %

GVA stock opened at $41.29 on Friday. The company has a market cap of $1.81 billion, a P/E ratio of 42.13 and a beta of 1.40. Granite Construction Incorporated has a 52 week low of $25.35 and a 52 week high of $44.15. The company’s 50-day moving average price is $41.15 and its 200 day moving average price is $40.03. The company has a current ratio of 1.72, a quick ratio of 1.61 and a debt-to-equity ratio of 0.49.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, July 27th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.20. Granite Construction had a net margin of 1.70% and a return on equity of 11.88%. The company had revenue of $898.55 million for the quarter. On average, research analysts expect that Granite Construction Incorporated will post 2.84 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Thursday, June 29th. Granite Construction’s payout ratio is 53.06%.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Granite Construction in a research note on Thursday, August 17th. They set a “hold” rating on the stock.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company 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.