Granite Construction Incorporated $GVA Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in Granite Construction Incorporated (NYSE:GVA) by 66.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,050 shares of the construction company’s stock after selling 13,950 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Granite Construction were worth $813,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GVA. Mizuho Markets Cayman LP boosted its stake in Granite Construction by 569.9% in the 3rd quarter. Mizuho Markets Cayman LP now owns 1,339,818 shares of the construction company’s stock worth $151,064,000 after buying an additional 1,139,818 shares during the last quarter. UBS Group AG boosted its stake in Granite Construction by 262.8% in the 4th quarter. UBS Group AG now owns 647,589 shares of the construction company’s stock worth $74,699,000 after buying an additional 469,079 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in Granite Construction by 87.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 556,054 shares of the construction company’s stock worth $60,971,000 after buying an additional 259,477 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Granite Construction by 241.7% in the 2nd quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company’s stock worth $28,522,000 after buying an additional 215,752 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Granite Construction by 3,388.3% in the 4th quarter. SG Americas Securities LLC now owns 192,622 shares of the construction company’s stock worth $22,219,000 after buying an additional 187,100 shares during the last quarter.

Insider Activity

In other Granite Construction news, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the sale, the chief executive officer directly owned 114,881 shares in the company, valued at $13,569,743.72. The trade was a 18.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the sale, the chief financial officer owned 18,954 shares in the company, valued at $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 35,488 shares of company stock worth $4,207,042. Company insiders own 1.00% of the company’s stock.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $138.78 on Monday. The company has a market cap of $6.07 billion, a P/E ratio of 39.99 and a beta of 1.35. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. Granite Construction Incorporated has a one year low of $84.45 and a one year high of $145.00. The business’s 50-day simple moving average is $126.44 and its 200 day simple moving average is $120.31.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, beating the consensus estimate of ($0.77) by $1.03. The business had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The company’s revenue was up 30.4% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GVA. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. The Goldman Sachs Group raised their price objective on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Finally, DA Davidson raised their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $139.50.

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.