Granite Construction Incorporated $GVA Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lessened its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 14.0% during the 4th quarter, HoldingsChannel reports. The firm owned 42,304 shares of the construction company’s stock after selling 6,880 shares during the period. Los Angeles Capital Management LLC’s holdings in Granite Construction were worth $4,880,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of Granite Construction during the 4th quarter valued at about $29,000. Spire Wealth Management acquired a new position in shares of Granite Construction during the 4th quarter valued at about $46,000. Federated Hermes Inc. boosted its position 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 valued at $48,000 after acquiring an additional 212 shares during the last quarter. Torren Management LLC acquired a new position in shares of Granite Construction during the 4th quarter valued at about $56,000. Finally, Quarry LP boosted its position in shares of Granite Construction by 1,417.6% during the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after acquiring an additional 482 shares during the last quarter.

Insiders Place Their Bets

In other news, SVP Michael G. Tatusko sold 7,500 shares of the 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 completion of the sale, the senior vice president directly owned 29,787 shares of the company’s stock, valued at approximately $4,199,967. This represents a 20.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Bradley Jay Williams sold 6,734 shares of the 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 $949,494.00. Following the completion of the sale, the senior vice president directly owned 7,041 shares of the company’s stock, valued at $992,781. The trade was a 48.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 49,722 shares of company stock valued at $6,214,036. 0.88% of the stock is owned by company insiders.

Granite Construction Stock Down 1.0%

Shares of NYSE:GVA opened at $139.87 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The firm has a market capitalization of $6.12 billion, a PE ratio of 40.31 and a beta of 1.32. The firm’s 50-day moving average is $130.70 and its two-hundred day moving average is $124.07. Granite Construction Incorporated has a 1 year low of $87.72 and a 1 year high of $145.00.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The firm had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. During the same period in the prior year, the firm earned $0.01 earnings per share. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. Analysts predict that Granite Construction Incorporated will post 5.13 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued 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 is 14.99%.

Wall Street Analyst Weigh In

GVA has been the topic of several recent research reports. DA Davidson boosted their price target on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings cut shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Zacks Research raised shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Finally, Oppenheimer initiated coverage on shares of Granite Construction in a report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $149.67.

Granite Construction Company 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.