City Center Advisors LLC Takes $235,000 Position in Granite Construction Incorporated (NYSE:GVA)

City Center Advisors LLC acquired a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,122 shares of the construction company's stock, valued at approximately $235,000.

A number of other institutional investors have also recently added to or reduced their stakes in GVA. Contravisory Investment Management Inc. bought a new position in shares of Granite Construction during the first quarter worth about $265,000. Rothschild Investment LLC increased its holdings in Granite Construction by 80.3% in the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after buying an additional 285 shares during the last quarter. GAMMA Investing LLC increased its holdings in Granite Construction by 7,509.2% in the first quarter. GAMMA Investing LLC now owns 165,729 shares of the construction company's stock valued at $12,496,000 after buying an additional 163,551 shares during the last quarter. Versant Capital Management Inc increased its holdings in 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 buying an additional 296 shares during the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in Granite Construction by 22.5% in the fourth quarter. Jefferies Financial Group Inc. now owns 51,443 shares of the construction company's stock valued at $4,512,000 after buying an additional 9,443 shares during the last quarter.

Granite Construction Stock Performance

Shares of NYSE:GVA traded up $0.14 on Wednesday, reaching $90.05. 501,610 shares of the company's stock were exchanged, compared to its average volume of 653,041. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of 36.46 and a beta of 1.34. Granite Construction Incorporated has a fifty-two week low of $58.23 and a fifty-two week high of $105.20. The business's 50-day moving average is $83.03 and its two-hundred day moving average is $85.30. The company has a quick ratio of 1.56, a current ratio of 1.66 and a debt-to-equity ratio of 0.68.

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

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is 21.67%.

Insider Buying and Selling

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction dated 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 now directly owns 18,819 shares of the company's stock, valued at $1,726,831.44. The trade was a 9.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kyle T. Larkin sold 3,617 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 132,366 shares of the company's stock, valued at approximately $10,639,579.08. The trade was a 2.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,432 shares of company stock valued at $699,804. Insiders own 0.81% of the company's stock.

Analyst Ratings Changes

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

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.