Raiffeisen Bank International AG Takes Position in Granite Construction Incorporated (NYSE:GVA)

Raiffeisen Bank International AG bought a new position in Granite Construction Incorporated (NYSE:GVA) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,310 shares of the construction company’s stock, valued at approximately $293,000.

Several other institutional investors also recently modified their holdings of the stock. Federated Hermes Inc. acquired a new stake in Granite Construction during the 4th quarter worth about $26,000. Quarry LP lifted its stake in shares of Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company’s stock valued at $29,000 after purchasing an additional 132 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in shares of Granite Construction by 112.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 900 shares of the construction company’s stock worth $79,000 after buying an additional 477 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in Granite Construction during the fourth quarter worth approximately $89,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Granite Construction by 193.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the construction company’s stock worth $119,000 after buying an additional 887 shares during the period.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased 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 Activity

In other Granite Construction news, COO James A. Radich sold 2,500 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $87.14, for a total value of $217,850.00. Following the completion of the transaction, the chief operating officer now directly owns 28,256 shares of the company’s stock, valued at approximately $2,462,227.84. The trade was a 8.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kyle T. Larkin sold 2,790 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $80.02, for a total value of $223,255.80. Following the transaction, the chief executive officer now directly owns 136,384 shares in the company, valued at approximately $10,913,447.68. This represents a 2.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,932 shares of company stock worth $896,979. Insiders own 0.81% of the company’s stock.

Granite Construction Trading Up 0.8%

Granite Construction stock opened at $87.03 on Friday. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 35.24 and a beta of 1.33. The company has a quick ratio of 1.56, a current ratio of 1.66 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a 12 month low of $58.23 and a 12 month high of $105.20. The business has a 50 day moving average price of $78.07 and a two-hundred day moving average price of $85.94.

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

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date was Monday, March 31st. Granite Construction’s dividend payout ratio (DPR) is currently 21.67%.

About Granite Construction

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.