Bridgefront Capital LLC Acquires New Position in Granite Construction Incorporated $GVA

Bridgefront Capital LLC acquired a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,748 shares of the construction company’s stock, valued at approximately $850,000.

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

Granite Construction Stock Performance

Shares of GVA opened at $120.75 on Monday. The firm has a fifty day moving average of $126.22 and a 200-day moving average of $114.47. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 32.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.13 and a current ratio of 1.22. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $137.24.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.23 EPS. As a group, equities analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. DA Davidson increased their target price 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. The Goldman Sachs Group lifted their price target on shares of Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Granite Construction in a research note on Monday, December 29th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Finally, Zacks Research upgraded Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $139.50.

About Granite Construction

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.