Granite Construction Incorporated $GVA Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its position in Granite Construction Incorporated (NYSE:GVA) by 33.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,650 shares of the construction company’s stock after selling 4,757 shares during the quarter. State of Alaska Department of Revenue’s holdings in Granite Construction were worth $1,118,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC lifted its position in Granite Construction by 696.4% in the 3rd quarter. Fortitude Family Office LLC now owns 223 shares of the construction company’s stock worth $26,000 after buying an additional 195 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in Granite Construction in the second quarter worth approximately $208,000. WINTON GROUP Ltd bought a new position in Granite Construction during the second quarter valued at approximately $933,000. NorthRock Partners LLC bought a new position in Granite Construction during the second quarter valued at approximately $218,000. Finally, Squarepoint Ops LLC raised its stake in shares of Granite Construction by 39.0% during the second quarter. Squarepoint Ops LLC now owns 228,163 shares of the construction company’s stock worth $36,068,000 after acquiring an additional 64,007 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stephens started coverage on shares of Granite Construction in a research note on Friday, June 26th. They issued an “overweight” rating and a $180.00 price objective for the company. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Oppenheimer lifted their target price on shares of Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. The Goldman Sachs Group lowered their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a research note on Friday, July 31st. Finally, Weiss Ratings cut Granite Construction from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Granite Construction has a consensus rating of “Hold” and a consensus price target of $158.50.

Insider Transactions at Granite Construction

In other Granite Construction news, Director Carlos M. Hernandez purchased 400 shares of Granite Construction stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the acquisition, the director directly owned 5,033 shares in the company, valued at approximately $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by corporate insiders.

Granite Construction Price Performance

Shares of Granite Construction stock opened at $109.65 on Wednesday. The company’s fifty day simple moving average is $117.76 and its two-hundred day simple moving average is $127.80. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The firm has a market cap of $4.80 billion, a PE ratio of 17.30 and a beta of 1.34. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.09). The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The business’s revenue was up 28.8% on a year-over-year basis. During the same period last year, the company posted $1.42 earnings per share. As a group, equities analysts expect that Granite Construction Incorporated will post 6.36 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.5%. Granite Construction’s dividend payout ratio (DPR) is presently -12.06%.

Granite Construction Profile

Granite Construction Incorporated (NYSE:GVA) is an infrastructure construction company that provides engineering, construction and rehabilitation services for public and private-sector clients. The company’s work supports transportation, water and other essential infrastructure projects across the United States.

Granite’s transportation activities include the construction and maintenance of highways, roads, bridges, airports, rail systems and other transit facilities. Its water-related services include the development and improvement of water treatment and distribution systems, wastewater facilities, dams, pipelines and related infrastructure.