Fisher Asset Management LLC Purchases 168,673 Shares of Granite Construction Incorporated (NYSE:GVA)

Fisher Asset Management LLC boosted its holdings in Granite Construction Incorporated (NYSE:GVA) by 86.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 363,816 shares of the construction company’s stock after buying an additional 168,673 shares during the period. Fisher Asset Management LLC owned 0.83% of Granite Construction worth $28,843,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of GVA. Rothschild Investment LLC purchased a new stake in shares of Granite Construction during the second quarter worth about $33,000. Blue Trust Inc. raised its position in shares of Granite Construction by 66.4% during the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after buying an additional 360 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Granite Construction during the second quarter valued at approximately $107,000. GAMMA Investing LLC lifted its holdings in shares of Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after buying an additional 907 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Granite Construction during the third quarter worth $214,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their price target on shares of Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research note on Wednesday, October 9th.

Granite Construction Stock Performance

NYSE GVA opened at $98.78 on Wednesday. The stock has a market capitalization of $4.32 billion, a PE ratio of 45.31 and a beta of 1.39. Granite Construction Incorporated has a 1-year low of $43.92 and a 1-year high of $100.57. The business has a 50 day simple moving average of $85.94 and a two-hundred day simple moving average of $73.01. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm posted $1.69 EPS. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, research analysts predict that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is 23.85%.

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.