Comerica Bank Sells 2,350 Shares of Granite Construction Incorporated (NYSE:GVA)

Comerica Bank lowered its stake in shares of Granite Construction Incorporated (NYSE:GVAGet Rating) by 4.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 56,474 shares of the construction company’s stock after selling 2,350 shares during the period. Comerica Bank’s holdings in Granite Construction were worth $1,564,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GVA. Point72 Hong Kong Ltd acquired a new stake in shares of Granite Construction during the 2nd quarter worth approximately $107,000. KBC Group NV acquired a new position in shares of Granite Construction in the 2nd quarter valued at $110,000. Captrust Financial Advisors increased its stake in Granite Construction by 38.0% in the first quarter. Captrust Financial Advisors now owns 5,808 shares of the construction company’s stock valued at $191,000 after acquiring an additional 1,598 shares during the period. Guggenheim Capital LLC bought a new stake in Granite Construction in the first quarter valued at about $213,000. Finally, SG Americas Securities LLC bought a new stake in Granite Construction in the second quarter valued at about $201,000. 98.77% of the stock is currently owned by institutional investors.

Granite Construction Stock Up 1.1 %

Shares of NYSE GVA opened at $39.67 on Friday. Granite Construction Incorporated has a 12-month low of $25.35 and a 12-month high of $39.85. The firm’s 50-day simple moving average is $35.86 and its 200 day simple moving average is $31.78. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 31.48 and a beta of 1.39.

Granite Construction (NYSE:GVAGet Rating) last released its quarterly earnings results on Thursday, October 27th. The construction company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.12 by $0.29. Granite Construction had a net margin of 2.14% and a return on equity of 7.13%. The business had revenue of $1.01 billion for the quarter. On average, research analysts expect that Granite Construction Incorporated will post 2.64 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.31%. The ex-dividend date was Thursday, December 29th. Granite Construction’s dividend payout ratio is 41.27%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GVA. StockNews.com downgraded Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group lowered their target price on shares of Granite Construction from $32.00 to $28.00 and set a “sell” rating on the stock in a report on Friday, October 14th. Finally, TheStreet upgraded shares of Granite Construction from a “c+” rating to a “b-” rating in a research report on Wednesday, November 9th.

Granite Construction Company Profile

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Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer 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.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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