Westend Capital Management LLC Sells 185 Shares of Granite Construction Incorporated (NYSE:GVA)

Westend Capital Management LLC trimmed its position in Granite Construction Incorporated (NYSE:GVA) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,495 shares of the construction company’s stock after selling 185 shares during the quarter. Westend Capital Management LLC’s holdings in Granite Construction were worth $307,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after acquiring an additional 360 shares during the period. GAMMA Investing LLC raised its position in shares of Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after buying an additional 907 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Granite Construction during the third quarter valued at approximately $203,000. CIBC Asset Management Inc purchased a new position in shares of Granite Construction in the third quarter worth $214,000. Finally, US Bancorp DE boosted its position in shares of Granite Construction by 77.5% during the third quarter. US Bancorp DE now owns 2,730 shares of the construction company’s stock worth $216,000 after acquiring an additional 1,192 shares during the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Performance

NYSE GVA opened at $92.35 on Friday. 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 Incorporated has a 1-year low of $43.92 and a 1-year high of $105.20. The business has a 50 day simple moving average of $93.70 and a two-hundred day simple moving average of $81.20. The stock has a market capitalization of $4.04 billion, a PE ratio of 42.36 and a beta of 1.43.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the business posted $1.69 earnings per share. 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 Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Tuesday, December 31st. Granite Construction’s dividend payout ratio is 23.85%.

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.