Granite Construction Incorporated (NYSE:GVA) Shares Sold by Investors Research Corp

Investors Research Corp cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 37.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,728 shares of the construction company’s stock after selling 1,016 shares during the period. Investors Research Corp’s holdings in Granite Construction were worth $130,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GVA. Federated Hermes Inc. acquired a new position in Granite Construction during the 4th quarter worth approximately $26,000. Quarry LP raised its position 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 in the last quarter. Rothschild Investment LLC raised its position in shares of Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company’s stock valued at $48,000 after purchasing an additional 285 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Granite Construction by 53.0% in the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company’s stock valued at $64,000 after purchasing an additional 296 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Granite Construction by 112.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 900 shares of the construction company’s stock valued at $79,000 after purchasing an additional 477 shares in the last quarter.

Insider Activity

In other news, CEO Kyle T. Larkin sold 3,617 shares of the business’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $80.38, for a total value of $290,734.46. Following the completion of the sale, the chief executive officer now directly owns 132,366 shares in the company, valued at approximately $10,639,579.08. The trade was a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the completion of the sale, the senior vice president now owns 18,819 shares of the company’s stock, valued at $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,432 shares of company stock worth $699,804. 0.81% of the stock is currently owned by insiders.

Granite Construction Stock Performance

Shares of GVA opened at $89.49 on Friday. The business’s 50 day moving average is $80.70 and its two-hundred day moving average is $85.61. Granite Construction Incorporated has a 52-week low of $58.23 and a 52-week high of $105.20. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 36.23 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 (NYSE:GVA) last announced its earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. The company had revenue of $699.55 million for the quarter, compared to analyst estimates of $706.15 million. Granite Construction’s revenue was up 4.0% on a year-over-year basis. Analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.13 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.58%. Granite Construction’s dividend payout ratio (DPR) is 21.67%.

Wall Street Analyst Weigh In

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

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.