1492 Capital Management LLC Reduces Position in Granite Construction Incorporated (NYSE:GVA)

1492 Capital Management LLC reduced its position in shares of Granite Construction Incorporated (NYSE:GVA) by 24.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,802 shares of the construction company’s stock after selling 9,217 shares during the period. 1492 Capital Management LLC’s holdings in Granite Construction were worth $2,526,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GVA. Pacer Advisors Inc. acquired a new stake in Granite Construction in the fourth quarter valued at $92,154,000. Hennessy Advisors Inc. purchased a new position in shares of Granite Construction in the 4th quarter valued at about $61,046,000. Norges Bank purchased a new position in shares of Granite Construction in the 4th quarter valued at about $31,855,000. Invesco Ltd. raised its position in shares of Granite Construction by 22.2% during the 4th quarter. Invesco Ltd. now owns 580,584 shares of the construction company’s stock worth $50,923,000 after acquiring an additional 105,420 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Granite Construction during the fourth quarter worth approximately $8,666,000.

Insider Activity at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $81.55, for a total transaction of $165,138.75. Following the transaction, the senior vice president now directly owns 13,880 shares in the company, valued at approximately $1,131,914. This trade represents a 12.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James A. Radich sold 2,500 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $87.14, for a total transaction of $217,850.00. Following the completion of the sale, the chief operating officer now owns 28,256 shares of the company’s stock, valued at approximately $2,462,227.84. This trade represents a 8.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Granite Construction Stock Performance

Shares of GVA opened at $77.20 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.66 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a 52-week low of $53.00 and a 52-week high of $105.20. The stock has a 50 day moving average price of $78.23 and a 200 day moving average price of $85.93. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 31.25 and a beta of 1.26.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, February 13th. The construction company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.19). Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The company had revenue of $977.30 million during the quarter. During the same quarter last year, the business earned $0.82 earnings per share. Research analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Monday, March 31st. Granite Construction’s payout ratio is currently 21.05%.

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.