Algert Global LLC Sells 12,615 Shares of Granite Construction Incorporated (NYSE:GVA)

Algert Global LLC reduced its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 74.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,432 shares of the construction company's stock after selling 12,615 shares during the quarter. Algert Global LLC's holdings in Granite Construction were worth $275,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its holdings in shares of Granite Construction by 5.8% in the second quarter. The Manufacturers Life Insurance Company now owns 24,580 shares of the construction company's stock valued at $1,523,000 after acquiring an additional 1,349 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Granite Construction by 99.3% in the second quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company's stock valued at $159,221,000 after acquiring an additional 1,280,288 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Granite Construction by 7.6% in the second quarter. AQR Capital Management LLC now owns 11,490 shares of the construction company's stock valued at $712,000 after acquiring an additional 813 shares in the last quarter. Caxton Associates LP bought a new position in shares of Granite Construction in the second quarter valued at approximately $503,000. Finally, III Capital Management bought a new position in shares of Granite Construction in the second quarter valued at approximately $849,000.

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 5,000 shares of the business's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the transaction, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped their price objective on Granite Construction from $61.00 to $70.00 and gave the company a "sell" rating in a research note on Wednesday.

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $1.26 during trading on Thursday, hitting $80.56. 645,594 shares of the company were exchanged, compared to its average volume of 509,587. The company has a market cap of $3.56 billion, a PE ratio of 136.54 and a beta of 1.38. Granite Construction Incorporated has a 52-week low of $33.74 and a 52-week high of $82.45. The stock has a 50 day moving average of $74.68 and a 200 day moving average of $65.41. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.41. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the company earned $1.03 earnings per share. The firm's quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts predict that Granite Construction Incorporated will post 5.24 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.65%. Granite Construction's dividend payout ratio is currently 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.