Robbins Farley Sells 7,399 Shares of Granite Construction Incorporated $GVA

Robbins Farley cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 13.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,785 shares of the construction company’s stock after selling 7,399 shares during the quarter. Granite Construction makes up about 2.1% of Robbins Farley’s portfolio, making the stock its 20th largest position. Robbins Farley owned approximately 0.10% of Granite Construction worth $5,020,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GVA. B. Metzler seel. Sohn & Co. AG boosted its position in shares of Granite Construction by 14.7% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 17,378 shares of the construction company’s stock worth $1,310,000 after purchasing an additional 2,223 shares in the last quarter. Trexquant Investment LP increased its position in Granite Construction by 50.6% in the 1st quarter. Trexquant Investment LP now owns 113,019 shares of the construction company’s stock valued at $8,522,000 after buying an additional 37,961 shares in the last quarter. Magnetar Financial LLC raised its stake in Granite Construction by 1,051.5% during the 1st quarter. Magnetar Financial LLC now owns 66,962 shares of the construction company’s stock worth $5,049,000 after buying an additional 61,147 shares during the period. Conversant Capital LLC bought a new position in Granite Construction in the first quarter worth approximately $21,490,000. Finally, Graham Capital Management L.P. grew its stake in Granite Construction by 43.6% in the first quarter. Graham Capital Management L.P. now owns 14,678 shares of the construction company’s stock valued at $1,107,000 after acquiring an additional 4,457 shares during the period.

Granite Construction Stock Performance

GVA stock opened at $118.42 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 0.80. The firm has a market cap of $5.17 billion, a PE ratio of 34.13 and a beta of 1.33. The business has a 50 day moving average of $106.73 and a 200-day moving average of $103.05. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $119.63.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, November 6th. The construction company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.14. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Granite Construction had a return on equity of 24.04% and a net margin of 4.31%.The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.05 earnings per share. As a group, sell-side analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, December 31st. Granite Construction’s payout ratio is presently 14.99%.

Insider Buying and Selling at Granite Construction

In other news, Director Celeste Beeks Mastin sold 7,614 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $105.23, for a total transaction of $801,221.22. Following the completion of the sale, the director owned 10,206 shares in the company, valued at $1,073,977.38. This trade represents a 42.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GVA shares. Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. DA Davidson upped their price objective on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. The Goldman Sachs Group started coverage on shares of Granite Construction in a report on Monday, November 24th. They set a “neutral” rating and a $109.00 price objective for the company. Zacks Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Granite Construction in a report on Monday. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Construction presently has an average rating of “Hold” and an average price target of $119.50.

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.