Granite Construction Incorporated (NYSE:GVA) Shares Sold by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. lessened its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 31.0% in the 1st quarter, Holdings Channel reports. The firm owned 6,691 shares of the construction company’s stock after selling 3,008 shares during the period. Geneos Wealth Management Inc.’s holdings in Granite Construction were worth $382,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GVA. Hennessy Advisors Inc. lifted its position in shares of Granite Construction by 44.0% in the first quarter. Hennessy Advisors Inc. now owns 108,000 shares of the construction company’s stock valued at $6,170,000 after acquiring an additional 33,000 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of Granite Construction by 637.4% in the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock worth $53,523,000 after buying an additional 809,803 shares in the last quarter. Campbell & CO Investment Adviser LLC grew its stake in Granite Construction by 926.5% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 61,239 shares of the construction company’s stock valued at $3,115,000 after acquiring an additional 55,273 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Granite Construction by 8.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 639,849 shares of the construction company’s stock valued at $32,543,000 after acquiring an additional 49,610 shares during the last quarter. Finally, G2 Investment Partners Management LLC acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $2,197,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group boosted their target price on shares of Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, April 16th.

Granite Construction Trading Up 2.0 %

GVA opened at $64.00 on Friday. The business has a fifty day moving average price of $61.56 and a 200 day moving average price of $54.92. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.51 and a quick ratio of 1.39. Granite Construction Incorporated has a 12 month low of $33.74 and a 12 month high of $65.08. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 106.32 and a beta of 1.41.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.28. The business had revenue of $672.28 million during the quarter. Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. Sell-side analysts expect that Granite Construction Incorporated will post 4.76 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.81%. Granite Construction’s dividend payout ratio (DPR) is presently 88.14%.

Insider Activity

In other Granite Construction news, SVP Bradley Jay Williams sold 750 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total transaction of $45,907.50. Following the transaction, the senior vice president now directly owns 7,423 shares of the company’s stock, valued at approximately $454,361.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.81% of the company’s stock.

Granite Construction Company 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.