Lighthouse Investment Partners LLC Invests $5.28 Million in Granite Construction Incorporated $GVA

Lighthouse Investment Partners LLC acquired a new position in Granite Construction Incorporated (NYSE:GVA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 48,140 shares of the construction company’s stock, valued at approximately $5,279,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC increased its stake in shares of Granite Construction by 41.5% in the third quarter. AlphaQuest LLC now owns 38,809 shares of the construction company’s stock worth $4,255,000 after purchasing an additional 11,385 shares in the last quarter. 12th Street Asset Management Company LLC purchased a new stake in shares of Granite Construction during the 3rd quarter valued at approximately $6,799,000. Geode Capital Management LLC lifted 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 in the last quarter. Elo Mutual Pension Insurance Co bought a new position in Granite Construction in the 3rd quarter worth approximately $2,013,000. Finally, First Trust Advisors LP boosted its holdings in Granite Construction by 4.0% in the 2nd quarter. First Trust Advisors LP now owns 1,221,031 shares of the construction company’s stock worth $114,179,000 after buying an additional 46,552 shares during the period.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Up 1.9%

Shares of NYSE:GVA opened at $123.07 on Tuesday. The firm has a fifty day moving average price of $126.28 and a two-hundred day moving average price of $114.57. The company has a market cap of $5.35 billion, a price-to-earnings ratio of 33.63 and a beta of 1.30. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.22 and a quick ratio of 1.13. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $137.24.

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, topping the consensus estimate of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business’s quarterly revenue was up 19.2% on a year-over-year basis. Analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced 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. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Tuesday, March 31st. Granite Construction’s dividend payout ratio is currently 14.21%.

Granite Construction Company 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.