Corton Capital Inc. Invests $440,000 in Granite Construction Incorporated (NYSE:GVA)

Corton Capital Inc. acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,013 shares of the construction company's stock, valued at approximately $440,000. Granite Construction accounts for approximately 0.3% of Corton Capital Inc.'s portfolio, making the stock its 23rd largest position.

Other large investors have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Granite Construction in the 3rd quarter worth approximately $283,000. Tidal Investments LLC grew its holdings in Granite Construction by 195.8% in the third quarter. Tidal Investments LLC now owns 13,730 shares of the construction company's stock valued at $1,089,000 after purchasing an additional 9,089 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Granite Construction by 8.5% in 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 in the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Granite Construction by 8.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 19,946 shares of the construction company's stock worth $1,749,000 after buying an additional 1,620 shares during the last quarter. Finally, Fiduciary Financial Group LLC purchased a new stake in shares of Granite Construction in the 4th quarter worth about $545,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their target price on shares of Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research report on Monday.

Granite Construction Price Performance

Granite Construction stock traded down $0.23 during mid-day trading on Friday, hitting $82.56. 865,053 shares of the company were exchanged, compared to its average volume of 651,324. Granite Construction Incorporated has a 12-month low of $58.23 and a 12-month high of $105.20. The company has a market capitalization of $3.61 billion, a P/E ratio of 33.43 and a beta of 1.33. The business's 50 day simple moving average is $76.94 and its two-hundred day simple moving average is $85.80. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.66 and a quick ratio of 1.56.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.44. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The firm had revenue of $699.55 million during the quarter, compared to the consensus estimate of $706.15 million. The company's revenue was up 4.0% compared to the same quarter last year. Analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.52 annualized dividend and a yield of 0.63%. Granite Construction's payout ratio is currently 21.67%.

Insider Buying and Selling at Granite Construction

In related news, COO James A. Radich sold 2,500 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.14, for a total transaction of $217,850.00. Following the transaction, the chief operating officer now directly owns 28,256 shares in the company, valued at approximately $2,462,227.84. This represents a 8.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kyle T. Larkin sold 2,790 shares of Granite Construction stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $80.02, for a total value of $223,255.80. Following the completion of the sale, the chief executive officer now owns 136,384 shares of the company's stock, valued at $10,913,447.68. This trade represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,932 shares of company stock worth $896,979. Insiders own 0.81% of the company's stock.

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.