Granite Construction Incorporated $GVA Shares Sold by Robbins Farley

Robbins Farley reduced its stake in Granite Construction Incorporated (NYSE:GVA) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,692 shares of the construction company’s stock after selling 3,398 shares during the quarter. Granite Construction accounts for 2.2% of Robbins Farley’s investment portfolio, making the stock its 16th biggest holding. Robbins Farley owned about 0.10% of Granite Construction worth $4,998,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Maryland State Retirement & Pension System lifted its holdings in shares of Granite Construction by 1.3% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Evergreen Capital Management LLC increased its stake in Granite Construction by 4.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock valued at $263,000 after buying an additional 120 shares during the period. Corient Private Wealth LLC raised its position in Granite Construction by 3.1% during the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock worth $575,000 after buying an additional 148 shares during the last quarter. State of Alaska Department of Revenue raised its position in Granite Construction by 0.9% during the 4th quarter. State of Alaska Department of Revenue now owns 22,224 shares of the construction company’s stock worth $2,563,000 after buying an additional 191 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Granite Construction by 2.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,031 shares of the construction company’s stock worth $1,157,000 after acquiring an additional 200 shares during the period.

Insider Activity at Granite Construction

In related news, Director John Timothy Romer bought 375 shares of the company’s stock in a transaction on Monday, June 15th. The stock was bought at an average cost of $143.65 per share, with a total value of $53,868.75. Following the completion of the acquisition, the director owned 2,801 shares in the company, valued at approximately $402,363.65. This represents a 15.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael G. Tatusko sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total value of $1,057,500.00. Following the sale, the senior vice president directly owned 29,787 shares in the company, valued at $4,199,967. This trade represents a 20.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 40,885 shares of company stock valued at $5,155,010. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Oppenheimer started coverage on shares of Granite Construction in a research note on Thursday, May 28th. They set an “outperform” rating and a $170.00 price target on the stock. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Weiss Ratings lowered Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Finally, Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Granite Construction has an average rating of “Hold” and an average price target of $149.67.

Granite Construction Price Performance

Granite Construction stock opened at $151.28 on Tuesday. Granite Construction Incorporated has a one year low of $88.28 and a one year high of $151.57. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The business has a fifty day moving average of $134.99 and a two-hundred day moving average of $126.72. The company has a market cap of $6.62 billion, a P/E ratio of 43.60 and a beta of 1.32.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, topping the consensus estimate of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. During the same period in the previous year, the firm earned $0.01 EPS. The business’s revenue was up 30.4% on a year-over-year basis. As a group, analysts predict that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, June 30th. Granite Construction’s dividend payout ratio is presently 14.99%.

Granite Construction 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.