Granite Construction Incorporated $GVA Stock Position Lowered by William Blair Investment Management LLC

William Blair Investment Management LLC lessened its position in Granite Construction Incorporated (NYSE:GVA) by 9.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 211,848 shares of the construction company’s stock after selling 21,974 shares during the quarter. William Blair Investment Management LLC’s holdings in Granite Construction were worth $24,437,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. 12th Street Asset Management Company LLC bought a new stake in shares of Granite Construction in the 3rd quarter worth $6,799,000. AlphaQuest LLC raised its stake in shares of Granite Construction by 41.5% in the 3rd quarter. AlphaQuest LLC now owns 38,809 shares of the construction company’s stock worth $4,255,000 after buying an additional 11,385 shares in the last quarter. Oliver Luxxe Assets LLC bought a new stake in shares of Granite Construction in the 4th quarter worth $1,783,000. Boothbay Fund Management LLC raised its stake in shares of Granite Construction by 9.1% in the 3rd quarter. Boothbay Fund Management LLC now owns 160,331 shares of the construction company’s stock worth $17,580,000 after buying an additional 13,401 shares in the last quarter. Finally, Leuthold Group LLC raised its stake in shares of Granite Construction by 1,591.8% in the 4th quarter. Leuthold Group LLC now owns 45,223 shares of the construction company’s stock worth $5,216,000 after buying an additional 42,550 shares in the last quarter.

Insiders Place Their Bets

In related news, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the transaction, the chief financial officer directly owned 18,954 shares in the company, valued at $2,271,447.36. The trade was a 7.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction on Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the transaction, the chief executive officer owned 114,881 shares in the company, valued at $13,569,743.72. The trade was a 18.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,488 shares of company stock worth $4,207,042 over the last 90 days. Insiders own 1.00% of the company’s stock.

Granite Construction Stock Performance

Shares of NYSE GVA opened at $130.06 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 37.48 and a beta of 1.35. The stock’s fifty day simple moving average is $127.23 and its 200 day simple moving average is $121.51. Granite Construction Incorporated has a 52-week low of $85.01 and a 52-week high of $145.00.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The business had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The company’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.01 EPS.

Wall Street Analyst Weigh In

GVA has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. DA Davidson boosted their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Granite Construction presently has an average rating of “Hold” and a consensus price target of $139.50.

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.