Granite Construction Incorporated (NYSE:GVA) Shares Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. grew its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 44.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 108,000 shares of the construction company’s stock after purchasing an additional 33,000 shares during the quarter. Hennessy Advisors Inc. owned approximately 0.25% of Granite Construction worth $6,170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new position in shares of Granite Construction in the 4th quarter valued at $43,000. Riverview Trust Co purchased a new position in Granite Construction in the 1st quarter valued at $107,000. Toth Financial Advisory Corp grew its position in Granite Construction by 35.1% in the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock valued at $127,000 after buying an additional 650 shares during the last quarter. Westend Capital Management LLC purchased a new position in Granite Construction in the 1st quarter valued at $217,000. Finally, Connable Office Inc. purchased a new position in Granite Construction in the 4th quarter valued at $221,000.

Analyst Ratings Changes

Separately, The Goldman Sachs Group lifted their price objective on shares of Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a research report on Tuesday, April 16th.

Insider Activity at Granite Construction

In related news, SVP Bradley Jay Williams sold 750 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total value of $45,907.50. Following the sale, the senior vice president now directly owns 7,423 shares of the company’s stock, valued at approximately $454,361.83. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Granite Construction Price Performance

Shares of NYSE:GVA traded down $0.05 on Thursday, reaching $61.59. 409,156 shares of the company were exchanged, compared to its average volume of 414,281. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Granite Construction Incorporated has a 1-year low of $33.74 and a 1-year high of $65.08. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 104.39 and a beta of 1.46. The company has a 50-day moving average of $60.35 and a 200-day moving average of $54.13.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.28. Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. The business had revenue of $672.28 million for the quarter. Equities analysts forecast that Granite Construction Incorporated will post 4.76 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.13 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.84%. Granite Construction’s payout ratio is 88.14%.

Granite Construction 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.