5,676 Shares in Granite Construction Incorporated $GVA Purchased by Neo Ivy Capital Management

Neo Ivy Capital Management acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,676 shares of the construction company’s stock, valued at approximately $622,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AlphaQuest LLC increased its stake in Granite Construction by 41.5% in the 3rd quarter. AlphaQuest LLC now owns 38,809 shares of the construction company’s stock valued at $4,255,000 after buying an additional 11,385 shares during the period. 12th Street Asset Management Company LLC purchased a new stake in Granite Construction in the 3rd quarter worth approximately $6,799,000. Atria Investments Inc acquired a new stake in shares of Granite Construction during the 2nd quarter valued at $301,000. Geode Capital Management LLC boosted its stake in shares of Granite Construction by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,037,916 shares of the construction company’s stock valued at $97,066,000 after buying an additional 7,979 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Granite Construction by 4.0% during the 2nd quarter. First Trust Advisors LP now owns 1,221,031 shares of the construction company’s stock valued at $114,179,000 after acquiring an additional 46,552 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Granite Construction Stock Performance

Shares of GVA opened at $123.67 on Friday. The company’s fifty day moving average is $125.51 and its 200-day moving average is $113.95. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $137.24. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 33.79 and a beta of 1.30. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.79.

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

Granite Construction Dividend Announcement

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