Picton Mahoney Asset Management Boosts Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

Picton Mahoney Asset Management lifted its position in Granite Construction Incorporated (NYSE:GVA) by 96,340.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,466 shares of the construction company’s stock after buying an additional 14,451 shares during the period. Picton Mahoney Asset Management’s holdings in Granite Construction were worth $1,091,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LPL Financial LLC boosted its stake in Granite Construction by 0.4% in the 1st quarter. LPL Financial LLC now owns 44,934 shares of the construction company’s stock worth $3,388,000 after purchasing an additional 195 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Granite Construction by 1.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,948 shares of the construction company’s stock valued at $901,000 after purchasing an additional 225 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Granite Construction in the 1st quarter valued at $498,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Granite Construction in the 1st quarter valued at $211,000. Finally, Allianz Asset Management GmbH increased its holdings in Granite Construction by 8.6% in the 1st quarter. Allianz Asset Management GmbH now owns 59,431 shares of the construction company’s stock worth $4,481,000 after acquiring an additional 4,696 shares in the last quarter.

Granite Construction Price Performance

Granite Construction stock opened at $95.00 on Thursday. Granite Construction Incorporated has a 52-week low of $65.13 and a 52-week high of $105.20. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 39.58 and a beta of 1.32. The company has a fifty day simple moving average of $91.57 and a 200-day simple moving average of $85.13. The company has a quick ratio of 1.44, a current ratio of 1.57 and a debt-to-equity ratio of 0.71.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.44. The firm had revenue of $699.55 million for the quarter, compared to analysts’ expectations of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The company’s revenue was up 4.0% on a year-over-year basis. On average, equities analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.55%. Granite Construction’s payout ratio is 21.67%.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their price target on shares of Granite Construction from $69.00 to $76.00 and gave the stock a “sell” rating in a report on Monday, May 5th.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the transaction, the senior vice president owned 18,819 shares of the company’s stock, valued at $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.81% of the company’s stock.

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.