Chesapeake Capital Corp IL Buys 1,295 Shares of Granite Construction Incorporated (NYSE:GVA)

Chesapeake Capital Corp IL lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 27.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,936 shares of the construction company’s stock after purchasing an additional 1,295 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Granite Construction were worth $470,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GVA. Sei Investments Co. raised its stake in shares of Granite Construction by 11.8% during the 1st quarter. Sei Investments Co. now owns 14,663 shares of the construction company’s stock valued at $838,000 after purchasing an additional 1,543 shares during the period. Russell Investments Group Ltd. increased its stake in Granite Construction by 51.0% in the 1st quarter. Russell Investments Group Ltd. now owns 152,730 shares of the construction company’s stock worth $8,725,000 after acquiring an additional 51,597 shares during the last quarter. ProShare Advisors LLC increased its stake in Granite Construction by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 8,891 shares of the construction company’s stock worth $508,000 after acquiring an additional 613 shares during the last quarter. UniSuper Management Pty Ltd bought a new position in Granite Construction in the 1st quarter worth about $607,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in Granite Construction by 2.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 37,691 shares of the construction company’s stock worth $2,153,000 after acquiring an additional 811 shares during the last quarter.

Granite Construction Price Performance

GVA opened at $95.61 on Monday. The stock has a 50-day moving average price of $83.08 and a 200-day moving average price of $71.40. Granite Construction Incorporated has a 12-month low of $43.92 and a 12-month high of $99.32. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $4.18 billion, a P/E ratio of 43.86 and a beta of 1.39.

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

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Monday, September 30th. Granite Construction’s payout ratio is currently 23.85%.

Analyst Upgrades and Downgrades

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

About Granite Construction

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.