Fisher Asset Management LLC Sells 9,026 Shares of Granite Construction Incorporated $GVA

Fisher Asset Management LLC decreased its position in shares of Granite Construction Incorporated (NYSE:GVA) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 362,505 shares of the construction company’s stock after selling 9,026 shares during the quarter. Fisher Asset Management LLC owned about 0.83% of Granite Construction worth $39,749,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Quantbot Technologies LP lifted its holdings in Granite Construction by 34.7% in the third quarter. Quantbot Technologies LP now owns 52,636 shares of the construction company’s stock valued at $5,772,000 after buying an additional 13,574 shares during the period. R Squared Ltd lifted its stake in shares of Granite Construction by 20.5% in the 3rd quarter. R Squared Ltd now owns 4,401 shares of the construction company’s stock valued at $483,000 after purchasing an additional 748 shares during the period. Choreo LLC boosted its position in shares of Granite Construction by 115.0% during the 3rd quarter. Choreo LLC now owns 7,156 shares of the construction company’s stock valued at $786,000 after purchasing an additional 3,827 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Granite Construction during the third quarter worth approximately $2,016,000. Finally, Jupiter Asset Management Ltd. increased its holdings in 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 in the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GVA shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. DA Davidson raised their price target on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, The Goldman Sachs Group increased 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 investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $139.50.

Granite Construction Stock Performance

Shares of Granite Construction stock opened at $132.13 on Wednesday. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week 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 company has a market cap of $5.75 billion, a PE 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.06. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. Granite Construction’s revenue was up 19.2% compared to the same quarter last year. Equities analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

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

Granite Construction 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.