Millennium Management LLC Has $232.58 Million Position in Granite Construction Incorporated (NYSE:GVA)

Millennium Management LLC grew its holdings in Granite Construction Incorporated (NYSE:GVA) by 11.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,651,676 shares of the construction company’s stock after purchasing an additional 263,302 shares during the period. Millennium Management LLC owned approximately 6.07% of Granite Construction worth $232,579,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Granite Construction by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 530,971 shares of the construction company’s stock valued at $46,572,000 after purchasing an additional 28,245 shares in the last quarter. Jefferies Financial Group Inc. boosted its stake in shares of Granite Construction by 22.5% during the 4th quarter. Jefferies Financial Group Inc. now owns 51,443 shares of the construction company’s stock valued at $4,512,000 after buying an additional 9,443 shares during the period. Gotham Asset Management LLC grew its holdings in shares of Granite Construction by 26.1% during the 4th quarter. Gotham Asset Management LLC now owns 14,326 shares of the construction company’s stock valued at $1,257,000 after acquiring an additional 2,963 shares in the last quarter. Graham Capital Management L.P. increased its stake in shares of Granite Construction by 83.7% in the fourth quarter. Graham Capital Management L.P. now owns 10,221 shares of the construction company’s stock worth $896,000 after acquiring an additional 4,657 shares during the last quarter. Finally, Focus Partners Wealth purchased a new stake in shares of Granite Construction during the fourth quarter worth $214,000.

Granite Construction Trading Up 1.8%

Shares of NYSE GVA opened at $83.99 on Tuesday. The business has a 50 day simple moving average of $77.03 and a 200 day simple moving average of $85.86. Granite Construction Incorporated has a 52 week low of $58.23 and a 52 week high of $105.20. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of 34.01 and a beta of 1.33. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.56 and a current ratio of 1.66.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, May 1st. The construction company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.44. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The company had revenue of $699.55 million during the quarter, compared to the consensus estimate of $706.15 million. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Monday, March 31st. Granite Construction’s payout ratio is 21.67%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group boosted their target price on Granite Construction from $69.00 to $76.00 and gave the company a “sell” rating in a research note on Monday, May 5th.

Insider Buying and Selling at Granite Construction

In other news, COO James A. Radich sold 2,500 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.14, for a total transaction of $217,850.00. Following the transaction, the chief operating officer now owns 28,256 shares of the company’s stock, valued at approximately $2,462,227.84. This represents a 8.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kyle T. Larkin sold 2,790 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $80.02, for a total value of $223,255.80. Following the completion of the transaction, the chief executive officer now directly owns 136,384 shares in the company, valued at $10,913,447.68. The trade was a 2.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,932 shares of company stock worth $896,979 over the last three months. Corporate insiders own 0.81% of the company’s stock.

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.