Bard Financial Services Inc. Sells 975 Shares of Granite Construction Incorporated (NYSE:GVA)

Bard Financial Services Inc. lowered its position in shares of Granite Construction Incorporated (NYSE:GVA) by 28.1% during the fourth quarter, HoldingsChannel reports. The fund owned 2,500 shares of the construction company’s stock after selling 975 shares during the quarter. Bard Financial Services Inc.’s holdings in Granite Construction were worth $219,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. boosted its stake 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 purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Granite Construction during the 2nd quarter worth approximately $107,000. GAMMA Investing LLC grew its holdings in Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after acquiring an additional 907 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Granite Construction in the 3rd quarter valued at approximately $203,000. Finally, CIBC Asset Management Inc bought a new position in shares of Granite Construction during the third quarter valued at $214,000.

Granite Construction Trading Up 1.0 %

Shares of GVA traded up $0.88 during mid-day trading on Monday, reaching $90.32. 93,373 shares of the company were exchanged, compared to its average volume of 334,526. The business has a 50 day simple moving average of $93.48 and a two-hundred day simple moving average of $79.40. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The stock has a market capitalization of $3.95 billion, a PE ratio of 41.43 and a beta of 1.41. Granite Construction Incorporated has a 52 week low of $43.92 and a 52 week high of $105.20.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results 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 analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $1.69 EPS. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, analysts predict that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.52 dividend on an annualized basis and a yield of 0.58%. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group boosted their price objective 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.

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.