Contravisory Investment Management Inc. Makes New $265,000 Investment in Granite Construction Incorporated (NYSE:GVA)

Contravisory Investment Management Inc. acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,520 shares of the construction company's stock, valued at approximately $265,000.

Several other hedge funds have also modified their holdings of GVA. KBC Group NV raised its stake in Granite Construction by 26.6% during the fourth quarter. KBC Group NV now owns 1,751 shares of the construction company's stock worth $154,000 after purchasing an additional 368 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Granite Construction during the 4th quarter worth $384,000. Entropy Technologies LP raised its position in shares of Granite Construction by 299.2% in the 4th quarter. Entropy Technologies LP now owns 20,551 shares of the construction company's stock worth $1,803,000 after buying an additional 15,403 shares during the period. Certuity LLC acquired a new position in Granite Construction in the fourth quarter valued at $232,000. Finally, Asset Management One Co. Ltd. purchased a new stake in Granite Construction during the fourth quarter valued at about $4,963,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised their price objective 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 Up 1.0%

NYSE GVA traded up $0.90 during trading hours on Thursday, hitting $90.61. The company had a trading volume of 493,134 shares, compared to its average volume of 664,247. Granite Construction Incorporated has a fifty-two week low of $58.23 and a fifty-two week high of $105.20. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 36.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.66 and a quick ratio of 1.56. The firm's 50 day moving average is $81.80 and its 200 day moving average is $85.51.

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

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. Granite Construction's payout ratio is currently 21.67%.

Insider Activity

In other Granite Construction news, CEO Kyle T. Larkin sold 2,790 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $80.02, for a total value of $223,255.80. Following the transaction, the chief executive officer now directly owns 136,384 shares of the company's stock, valued at $10,913,447.68. This represents a 2.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the company'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 sale, the senior vice president now directly owns 18,819 shares in the company, valued at $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,432 shares of company stock worth $699,804 over the last ninety days. Corporate 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.