Insider Selling: Granite Construction (NYSE:GVA) SVP Sells $949,494.00 in Stock

Granite Construction Incorporated (NYSE:GVA) SVP Bradley Jay Williams sold 6,734 shares of Granite Construction stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total value of $949,494.00. Following the transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. The trade was a 48.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Granite Construction Trading Down 2.7%

Granite Construction stock opened at $136.24 on Thursday. Granite Construction Incorporated has a 52 week low of $87.72 and a 52 week high of $145.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The stock has a market capitalization of $5.96 billion, a P/E ratio of 39.26 and a beta of 1.32. The stock has a 50-day simple moving average of $131.53 and a 200 day simple moving average of $124.57.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business had revenue of $912.47 million during the quarter, compared to analysts’ expectations of $782.26 million. During the same quarter last year, the company posted $0.01 earnings per share. Granite Construction’s quarterly revenue was up 30.4% on a year-over-year basis. Analysts expect that Granite Construction Incorporated will post 5.13 earnings per share 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 dividend of $0.13 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction’s dividend payout ratio (DPR) is presently 14.99%.

Institutional Investors Weigh In On Granite Construction

Institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd boosted its holdings in shares of Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after acquiring an additional 200 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in shares of Granite Construction in the fourth quarter valued at approximately $29,000. Spire Wealth Management acquired a new stake in shares of Granite Construction in the fourth quarter valued at approximately $46,000. Root Financial Partners LLC raised its position in shares of Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after buying an additional 90 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Granite Construction by 94.6% in the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after buying an additional 212 shares in the last quarter.

Analyst Upgrades and Downgrades

GVA has been the subject of a number of research analyst reports. Weiss Ratings cut Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Zacks Research upgraded Granite Construction to a “hold” rating in a report on Friday, May 29th. Wall Street Zen cut Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Oppenheimer started coverage on Granite Construction in a report on Thursday, May 28th. They set an “outperform” rating and a $170.00 price objective for the company. Finally, DA Davidson boosted their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $149.67.

About Granite Construction

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.