Robbins Farley Reduces Holdings in Granite Construction Incorporated $GVA

Robbins Farley lowered its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,692 shares of the construction company’s stock after selling 3,398 shares during the period. Granite Construction comprises 2.2% of Robbins Farley’s portfolio, making the stock its 16th largest holding. Robbins Farley’s holdings in Granite Construction were worth $4,998,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GVA. Aster Capital Management DIFC Ltd lifted its holdings in shares of Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Granite Construction during the 4th quarter worth approximately $29,000. Spire Wealth Management acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $46,000. Torren Management LLC acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $56,000. Finally, Quarry LP lifted its stake in Granite Construction by 1,417.6% in the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after buying an additional 482 shares in the last quarter.

Insiders Place Their Bets

In other Granite Construction news, Director John Timothy Romer acquired 375 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the completion of the acquisition, the director directly owned 2,801 shares of the company’s stock, valued at $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the sale, the chief executive officer directly owned 114,881 shares of the company’s stock, valued at approximately $13,569,743.72. This represents a 18.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,885 shares of company stock worth $5,155,010 over the last ninety days. Company insiders own 0.88% of the company’s stock.

Granite Construction Stock Performance

NYSE:GVA opened at $151.28 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The firm has a market cap of $6.62 billion, a PE ratio of 43.60 and a beta of 1.32. The firm has a 50 day simple moving average of $134.99 and a 200-day simple moving average of $126.72. Granite Construction Incorporated has a 1-year low of $88.28 and a 1-year high of $151.57.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The firm had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. Granite Construction’s revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 earnings per share. On average, equities analysts expect that Granite Construction Incorporated will post 6.14 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction’s dividend payout ratio is currently 14.99%.

Analysts Set New Price Targets

GVA has been the topic of a number of analyst reports. Oppenheimer started coverage on Granite Construction in a report on Thursday, May 28th. They set an “outperform” rating and a $170.00 target price on the stock. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Weiss Ratings lowered Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Granite Construction currently has an average rating of “Hold” and a consensus price target of $149.67.

Granite Construction Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.