Wasatch Advisors LP lowered its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 21.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 815,091 shares of the construction company's stock after selling 226,857 shares during the quarter. Wasatch Advisors LP owned 1.86% of Granite Construction worth $71,492,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. purchased a new position in Granite Construction in the fourth quarter valued at about $92,154,000. Hennessy Advisors Inc. purchased a new position in shares of Granite Construction in the fourth quarter worth about $61,046,000. Boston Partners lifted its stake in shares of Granite Construction by 2.7% during the 4th quarter. Boston Partners now owns 584,398 shares of the construction company's stock valued at $51,813,000 after buying an additional 15,597 shares in the last quarter. Invesco Ltd. boosted its holdings in Granite Construction by 22.2% in the 4th quarter. Invesco Ltd. now owns 580,584 shares of the construction company's stock worth $50,923,000 after buying an additional 105,420 shares during the period. Finally, Norges Bank bought a new stake in Granite Construction during the 4th quarter valued at $31,855,000.
Granite Construction Stock Performance
Shares of NYSE GVA traded down $2.30 during mid-day trading on Monday, hitting $74.95. The company had a trading volume of 70,137 shares, compared to its average volume of 634,310. The stock's 50-day moving average price is $78.03 and its 200-day moving average price is $86.00. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 30.34 and a beta of 1.26. The company has a current ratio of 1.66, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a 1 year low of $53.16 and a 1 year high of $105.20.
Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The construction company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.42 by ($0.19). The firm had revenue of $977.30 million during the quarter. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. During the same quarter last year, the firm posted $0.82 earnings per share. On average, sell-side analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current year.
Granite Construction Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.13 per share. The ex-dividend date was Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a yield of 0.69%. Granite Construction's dividend payout ratio is currently 21.05%.
Insider Buying and Selling
In related news, COO James A. Radich sold 2,500 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $87.14, for a total value of $217,850.00. Following the sale, the chief operating officer now directly owns 28,256 shares of the company's stock, valued at $2,462,227.84. This represents a 8.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $81.55, for a total value of $165,138.75. Following the transaction, the senior vice president now directly owns 13,880 shares of the company's stock, valued at $1,131,914. This represents a 12.73 % decrease in their position. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
About Granite Construction
(
Free Report)
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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