Insider Selling: Granite Construction (NYSE:GVA) SVP Sells $1,057,500.00 in Stock

Granite Construction Incorporated (NYSE:GVA) SVP Michael Tatusko sold 7,500 shares of Granite Construction stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $1,057,500.00. Following the completion of the sale, the senior vice president directly owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Granite Construction Stock Down 2.7%

Shares of Granite Construction stock opened at $136.24 on Thursday. The business’s 50 day simple moving average is $131.53 and its 200 day simple moving average is $124.57. Granite Construction Incorporated has a 52-week low of $87.72 and a 52-week high of $145.00. The firm has a market cap of $5.96 billion, a PE ratio of 39.26 and a beta of 1.32. 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 (NYSE:GVA) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. During the same quarter last year, the firm earned $0.01 EPS. Granite Construction’s revenue for the quarter was up 30.4% compared to the same quarter last year. On average, analysts predict that Granite Construction Incorporated will post 5.13 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction’s dividend payout ratio (DPR) is currently 14.99%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GVA. Aster Capital Management DIFC Ltd boosted its stake in shares of Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after acquiring an additional 200 shares during the period. Newbridge Financial Services Group Inc. bought a new position in shares of Granite Construction during the 4th quarter worth approximately $29,000. Spire Wealth Management bought a new position in shares of Granite Construction during the 4th quarter worth approximately $46,000. Root Financial Partners LLC boosted its stake in shares of Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after acquiring an additional 90 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Granite Construction by 94.6% during the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after acquiring an additional 212 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GVA. Oppenheimer initiated coverage on Granite Construction in a research report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 target price on the stock. Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. DA Davidson raised their price target on Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Zacks Research upgraded Granite Construction to a “hold” rating in a research note on Friday, May 29th. Finally, Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $149.67.

About Granite Construction

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.