Granite Construction Incorporated (NYSE:GVA) Shares Bought by CenterBook Partners LP

CenterBook Partners LP grew its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 37.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,417 shares of the construction company's stock after acquiring an additional 6,989 shares during the quarter. CenterBook Partners LP owned about 0.06% of Granite Construction worth $1,916,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GVA. Federated Hermes Inc. purchased a new stake in Granite Construction in the 4th quarter valued at approximately $26,000. Quarry LP boosted its position in shares of Granite Construction by 68.4% in the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after acquiring an additional 132 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after buying an additional 257 shares during the period. Rothschild Investment LLC lifted its stake in shares of Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after purchasing an additional 285 shares in the last quarter. Finally, CWM LLC grew its stake in Granite Construction by 26.5% during the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after buying an additional 141 shares during the period.

Insider Activity

In other news, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were 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 owned 18,819 shares of the company's stock, valued at approximately $1,726,831.44. The trade was a 9.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kyle T. Larkin sold 3,617 shares of Granite Construction stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $80.38, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,432 shares of company stock valued at $699,804 over the last ninety days. Company insiders own 0.81% of the company's stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group increased their price objective on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research report on Monday, May 5th.

Granite Construction Stock Up 1.6%

GVA traded up $1.49 during trading on Thursday, hitting $93.97. The company had a trading volume of 547,507 shares, compared to its average volume of 618,949. The company has a market cap of $4.11 billion, a PE ratio of 39.15 and a beta of 1.32. The business has a 50-day moving average of $89.87 and a 200-day moving average of $84.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.57 and a quick ratio of 1.44. Granite Construction Incorporated has a 1-year low of $63.90 and a 1-year high of $105.20.

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

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.55%. Granite Construction's payout ratio is currently 21.67%.

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.