3,581 Shares in Granite Construction Incorporated (NYSE:GVA) Acquired by Vestcor Inc

Vestcor Inc purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 3,581 shares of the construction company’s stock, valued at approximately $270,000.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Granite Construction by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company’s stock worth $16,350,000 after buying an additional 3,737 shares during the period. Golden State Wealth Management LLC increased its holdings in Granite Construction by 16.6% during the 1st quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company’s stock worth $385,000 after purchasing an additional 725 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Granite Construction during the 4th quarter worth approximately $1,465,000. Blue Trust Inc. increased its holdings in Granite Construction by 40.5% during the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company’s stock worth $59,000 after purchasing an additional 225 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in Granite Construction by 16.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 64,952 shares of the construction company’s stock worth $4,897,000 after purchasing an additional 9,255 shares in the last quarter.

Wall Street Analyst Weigh In

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

Granite Construction Stock Performance

Shares of GVA opened at $92.69 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.57. The stock has a 50 day moving average price of $92.09 and a two-hundred day moving average price of $85.17. The firm has a market capitalization of $4.05 billion, a P/E ratio of 38.62 and a beta of 1.39. Granite Construction Incorporated has a 52 week low of $65.13 and a 52 week high of $105.20.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.6%. Granite Construction’s dividend payout ratio is currently 21.67%.

Insider Activity

In other news, SVP Brian R. Dowd sold 2,025 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the completion of the transaction, the senior vice president directly owned 18,819 shares of the company’s stock, valued at $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

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.