New Age Alpha Advisors LLC Takes $223,000 Position in Granite Construction Incorporated (NYSE:GVA)

Key Points

• New Age Alpha Advisors LLC invested approximately $223,000 in Granite Construction by acquiring 2,953 shares during the first quarter.
• Granite Construction recently reported an **EPS of $1.93**, exceeding analysts' estimates, with revenue for the quarter at **$1.13 billion**.
• The company announced a quarterly dividend of **$0.13 per share**, reflecting an annualized yield of **0.5%** and a dividend payout ratio of **21.67%**.

New Age Alpha Advisors LLC acquired a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,953 shares of the construction company's stock, valued at approximately $223,000.

Several other hedge funds also recently added to or reduced their stakes in GVA. Principal Financial Group Inc. grew its stake in Granite Construction by 1.8% in the first quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company's stock worth $16,350,000 after purchasing an additional 3,737 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Granite Construction by 16.6% in the first quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock valued at $385,000 after buying an additional 725 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Granite Construction during the 4th quarter valued at $1,465,000. Blue Trust Inc. raised its stake in Granite Construction by 40.5% during the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of Granite Construction by 112.9% in the first quarter. GSA Capital Partners LLP now owns 11,279 shares of the construction company's stock worth $850,000 after acquiring an additional 5,981 shares during the last quarter.

Insider Activity

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the completion of the transaction, the senior vice president directly owned 18,819 shares in the company, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company's stock.

Granite Construction Stock Performance

GVA traded down $0.83 on Thursday, reaching $110.46. The company had a trading volume of 114,714 shares, compared to its average volume of 629,005. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The stock has a market cap of $4.84 billion, a P/E ratio of 36.07 and a beta of 1.39. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $111.43. The company's fifty day moving average is $93.95 and its 200 day moving average is $85.76.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.16. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. Granite Construction's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 earnings per share. As a group, analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. Granite Construction's dividend payout ratio is 16.99%.

Analysts Set New Price Targets

GVA has been the subject of several research reports. The Goldman Sachs Group increased their target price on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research note on Monday, May 5th. Wall Street Zen raised shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th.

Granite Construction Company Profile

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.