Convergence Investment Partners LLC Boosts Position in Granite Construction Incorporated (NYSE:GVA)

Convergence Investment Partners LLC grew its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 53.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,073 shares of the construction company's stock after buying an additional 7,352 shares during the period. Convergence Investment Partners LLC's holdings in Granite Construction were worth $1,848,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in GVA. Blue Trust Inc. increased its stake in shares of Granite Construction by 66.4% during the third quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock valued at $72,000 after buying an additional 360 shares during the period. KBC Group NV increased its stake in shares of Granite Construction by 26.6% during the fourth quarter. KBC Group NV now owns 1,751 shares of the construction company's stock valued at $154,000 after buying an additional 368 shares during the period. GAMMA Investing LLC increased its stake in shares of Granite Construction by 8.5% during the fourth quarter. GAMMA Investing LLC now owns 2,178 shares of the construction company's stock valued at $191,000 after buying an additional 171 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Granite Construction during the third quarter valued at approximately $203,000. Finally, R Squared Ltd purchased a new position in shares of Granite Construction during the fourth quarter valued at approximately $211,000.

Insider Activity at Granite Construction

In related news, COO James A. Radich sold 2,500 shares of Granite Construction stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $87.14, for a total transaction of $217,850.00. Following the sale, the chief operating officer now directly owns 28,256 shares in the company, valued at $2,462,227.84. The trade was a 8.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

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Granite Construction Trading Down 2.9 %

Shares of GVA traded down $2.42 during mid-day trading on Friday, hitting $82.15. 641,845 shares of the company's stock traded hands, compared to its average volume of 628,832. The company has a quick ratio of 1.56, a current ratio of 1.66 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a 1 year low of $48.11 and a 1 year high of $105.20. The firm has a market capitalization of $3.57 billion, a P/E ratio of 33.26 and a beta of 1.42. The business's 50-day moving average price is $89.01 and its 200-day moving average price is $85.37.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The construction company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.19). Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The firm had revenue of $977.30 million for the quarter. During the same quarter in the previous year, the company earned $0.82 EPS. As a group, sell-side analysts forecast 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 was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.63%. Granite Construction's dividend payout ratio is presently 21.05%.

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.