Sequoia Financial Advisors LLC Purchases New Shares in Granite Construction Incorporated (NYSE:GVA)

Sequoia Financial Advisors LLC purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,619 shares of the construction company’s stock, valued at approximately $388,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Granite Construction by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 5,107,922 shares of the construction company’s stock valued at $167,539,000 after buying an additional 44,497 shares during the period. State Street Corp raised its holdings in Granite Construction by 58.4% during the 3rd quarter. State Street Corp now owns 2,764,283 shares of the construction company’s stock valued at $70,544,000 after buying an additional 1,019,112 shares during the period. Dimensional Fund Advisors LP raised its holdings in Granite Construction by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,390,934 shares of the construction company’s stock valued at $78,422,000 after buying an additional 47,937 shares during the period. Bank of New York Mellon Corp raised its holdings in Granite Construction by 4.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 989,161 shares of the construction company’s stock valued at $37,608,000 after buying an additional 41,575 shares during the period. Finally, Bank of America Corp DE raised its holdings in Granite Construction by 5.1% during the 1st quarter. Bank of America Corp DE now owns 918,536 shares of the construction company’s stock valued at $37,733,000 after buying an additional 44,227 shares during the period.

Insider Transactions at Granite Construction

In other news, Director Louis E. Caldera sold 1,263 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total transaction of $63,150.00. Following the transaction, the director now owns 8,528 shares of the company’s stock, valued at approximately $426,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.54% of the company’s stock.

Granite Construction Stock Performance

GVA stock opened at $53.81 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.60 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $53.21 and its two-hundred day simple moving average is $47.65. Granite Construction Incorporated has a twelve month low of $33.74 and a twelve month high of $57.93. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 70.80 and a beta of 1.46.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 22nd. The construction company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a return on equity of 14.15% and a net margin of 1.24%. The business had revenue of $933.70 million during the quarter. During the same quarter last year, the firm posted $0.56 EPS. Analysts predict that Granite Construction Incorporated will post 4.29 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date was Wednesday, March 27th. Granite Construction’s payout ratio is 68.42%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GVA shares. The Goldman Sachs Group increased their target price on Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a research note on Tuesday. DA Davidson increased their target price on Granite Construction from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th.

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.