Alliancebernstein L.P. Trims Stake in Granite Construction Incorporated (NYSE:GVA)

Alliancebernstein L.P. lowered its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 15.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 953,155 shares of the construction company's stock after selling 169,798 shares during the period. Alliancebernstein L.P. owned approximately 2.18% of Granite Construction worth $83,601,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in shares of Granite Construction in the 4th quarter worth approximately $92,154,000. Hennessy Advisors Inc. purchased a new position in Granite Construction during the fourth quarter valued at $61,046,000. Norges Bank purchased a new position in Granite Construction during the fourth quarter valued at $31,855,000. Asset Management One Co. Ltd. bought a new stake in Granite Construction in the fourth quarter worth $4,963,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Granite Construction by 42.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 148,313 shares of the construction company's stock worth $13,009,000 after acquiring an additional 44,444 shares during the last quarter.

Granite Construction Stock Up 3.8 %

Granite Construction stock traded up $2.76 during mid-day trading on Tuesday, reaching $74.65. The stock had a trading volume of 159,751 shares, compared to its average volume of 669,567. Granite Construction Incorporated has a one year low of $52.99 and a one year high of $105.20. The company has a 50-day moving average price of $80.50 and a two-hundred day moving average price of $86.28. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 30.22 and a beta of 1.26. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.66 and a quick ratio of 1.56.

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Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, February 13th. The construction company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.19). The business had revenue of $977.30 million for the quarter. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. During the same quarter last year, the company posted $0.82 EPS. On average, analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.70%. Granite Construction's payout ratio is 21.05%.

Insider Transactions at Granite Construction

In related news, COO James A. Radich sold 2,500 shares of Granite Construction stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $87.14, for a total transaction of $217,850.00. Following the transaction, the chief operating officer now owns 28,256 shares in the company, valued at approximately $2,462,227.84. The trade was a 8.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $81.55, for a total value of $165,138.75. Following the completion of the transaction, the senior vice president now directly owns 13,880 shares of the company's stock, valued at approximately $1,131,914. This trade represents a 12.73 % decrease in their position. The disclosure for this sale can be found here. Company 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.