Asset Management One Co. Ltd. boosted its position in Granite Construction Incorporated (NYSE:GVA – Free Report) by 16.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 64,952 shares of the construction company’s stock after acquiring an additional 9,255 shares during the period. Asset Management One Co. Ltd.’s holdings in Granite Construction were worth $4,897,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Federated Hermes Inc. bought a new stake in Granite Construction in the 4th quarter worth $26,000. Quarry LP grew its holdings in Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company’s stock worth $29,000 after acquiring an additional 132 shares during the last quarter. Rothschild Investment LLC grew its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company’s stock worth $48,000 after acquiring an additional 285 shares during the last quarter. Blue Trust Inc. grew its holdings in Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company’s stock worth $59,000 after acquiring an additional 225 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in Granite Construction by 53.0% in the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company’s stock worth $64,000 after acquiring an additional 296 shares during the last quarter.
Granite Construction Trading Up 1.7%
NYSE:GVA opened at $92.95 on Friday. The company has a 50-day moving average price of $86.37 and a 200-day moving average price of $84.52. Granite Construction Incorporated has a 12 month low of $58.23 and a 12 month high of $105.20. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 38.73 and a beta of 1.34.
Granite Construction Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.13 per share. The ex-dividend date is Monday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.56%. Granite Construction’s dividend payout ratio is 21.67%.
Wall Street Analysts Forecast Growth
Separately, The Goldman Sachs Group raised their price target on shares of Granite Construction from $69.00 to $76.00 and gave the stock a “sell” rating in a report on Monday, May 5th.
Insider Buying and Selling at Granite Construction
In other news, CEO Kyle T. Larkin sold 2,790 shares of Granite Construction stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $80.02, for a total value of $223,255.80. Following the completion of the sale, the chief executive officer now directly owns 136,384 shares in the company, valued at $10,913,447.68. The trade was a 2.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction 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 represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,432 shares of company stock worth $699,804. Insiders own 0.81% of the company’s stock.
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.
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