Choreo LLC Boosts Stake in Granite Construction Incorporated $GVA

Choreo LLC increased its stake in Granite Construction Incorporated (NYSE:GVA) by 115.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,156 shares of the construction company’s stock after purchasing an additional 3,827 shares during the quarter. Choreo LLC’s holdings in Granite Construction were worth $786,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Granite Construction in the second quarter worth about $24,812,000. Squarepoint Ops LLC increased its holdings in Granite Construction by 241.7% in the 2nd quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company’s stock worth $28,522,000 after acquiring an additional 215,752 shares in the last quarter. Hood River Capital Management LLC raised its stake in Granite Construction by 36.6% during the 2nd quarter. Hood River Capital Management LLC now owns 647,093 shares of the construction company’s stock worth $60,510,000 after acquiring an additional 173,237 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in Granite Construction by 14.3% during the second quarter. Frontier Capital Management Co. LLC now owns 1,370,029 shares of the construction company’s stock valued at $128,111,000 after purchasing an additional 171,904 shares in the last quarter. Finally, Jupiter Asset Management Ltd. boosted its position in shares of Granite Construction by 282.0% in the third quarter. Jupiter Asset Management Ltd. now owns 218,836 shares of the construction company’s stock worth $23,995,000 after purchasing an additional 161,554 shares during the period.

Granite Construction Trading Down 1.3%

Shares of Granite Construction stock opened at $132.13 on Wednesday. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $137.24. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.79. The business has a 50-day moving average price of $124.97 and a 200-day moving average price of $113.60. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 36.10 and a beta of 1.30.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, February 12th. The construction company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The firm’s revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 earnings per share. Equities research analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio (DPR) is 14.21%.

Wall Street Analyst Weigh In

GVA has been the topic of several recent analyst reports. DA Davidson raised their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, The Goldman Sachs Group boosted their price target on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Granite Construction has an average rating of “Moderate Buy” and an average target price of $139.50.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.