Castleark Management LLC Has $4.15 Million Position in Granite Construction Incorporated (NYSE:GVA)

Castleark Management LLC boosted its holdings in Granite Construction Incorporated (NYSE:GVA) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,580 shares of the construction company’s stock after buying an additional 2,960 shares during the period. Castleark Management LLC owned approximately 0.16% of Granite Construction worth $4,146,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Wasatch Advisors LP increased its position in shares of Granite Construction by 637.4% during the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock valued at $53,523,000 after purchasing an additional 809,803 shares during the period. Norges Bank acquired a new position in Granite Construction in the fourth quarter worth $13,755,000. Frontier Capital Management Co. LLC boosted its stake in Granite Construction by 21.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock worth $70,596,000 after purchasing an additional 246,154 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Granite Construction during the fourth quarter valued at $3,814,000. Finally, Raymond James & Associates lifted its stake in shares of Granite Construction by 208.9% during the first quarter. Raymond James & Associates now owns 110,773 shares of the construction company’s stock valued at $6,328,000 after acquiring an additional 74,912 shares during the period.

Insiders Place Their Bets

In other Granite Construction news, SVP Bradley Jay Williams sold 750 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total value of $45,907.50. Following the completion of the sale, the senior vice president now directly owns 7,423 shares in the company, valued at $454,361.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

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

Granite Construction Trading Down 0.7 %

NYSE GVA traded down $0.47 on Thursday, reaching $67.99. The company had a trading volume of 460,766 shares, compared to its average volume of 493,907. The stock’s 50 day moving average is $62.78 and its 200-day moving average is $56.57. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 120.07 and a beta of 1.41. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.51. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $73.01.

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

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.13 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.76%. Granite Construction’s dividend payout ratio is presently 88.14%.

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.