Asset Management One Co. Ltd. Grows Position in Granite Construction Incorporated (NYSE:GVA)

Asset Management One Co. Ltd. grew its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,952 shares of the construction company's stock after purchasing an additional 9,255 shares during the period. Asset Management One Co. Ltd. owned approximately 0.15% of Granite Construction worth $4,897,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. acquired a new stake in shares of Granite Construction during the fourth quarter worth $26,000. Quarry LP lifted its position in Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after acquiring an additional 132 shares during the period. Rothschild Investment LLC lifted its position in Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after acquiring an additional 285 shares during the period. Blue Trust Inc. grew its stake in Granite Construction by 40.5% during the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Granite Construction by 53.0% in the first quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after purchasing an additional 296 shares during the period.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their target price on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th.

Granite Construction Stock Performance

NYSE GVA traded up $0.60 on Wednesday, hitting $93.20. 138,588 shares of the company's stock traded hands, compared to its average volume of 648,695. The firm's 50-day moving average price is $87.06 and its two-hundred day moving average price is $84.50. The firm has a market capitalization of $4.08 billion, a PE ratio of 38.87 and a beta of 1.33. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. Granite Construction Incorporated has a 1-year low of $58.23 and a 1-year high of $105.20.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.43) by $0.44. The company had revenue of $699.55 million during the quarter, compared to the consensus estimate of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. Granite Construction's quarterly revenue was up 4.0% compared to the same quarter last year. As a group, analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.13 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.56%. Granite Construction's payout ratio is 21.67%.

Insider Activity

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the transaction, the senior vice president directly owned 18,819 shares in the company, valued at approximately $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kyle T. Larkin sold 3,617 shares of the company's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $80.38, for a total value of $290,734.46. Following the completion of the sale, the chief executive officer owned 132,366 shares in the company, valued at approximately $10,639,579.08. This represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,432 shares of company stock worth $699,804. 0.81% of the stock is owned by corporate insiders.

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.