Convergence Investment Partners LLC Sells 9,054 Shares of Granite Construction Incorporated (NYSE:GVA)

Convergence Investment Partners LLC trimmed its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 43.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,019 shares of the construction company's stock after selling 9,054 shares during the quarter. Convergence Investment Partners LLC's holdings in Granite Construction were worth $906,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Commonwealth Equity Services LLC lifted its stake in shares of Granite Construction by 3.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,055 shares of the construction company's stock valued at $531,000 after buying an additional 223 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Granite Construction by 4.5% during the fourth quarter. Natixis Advisors LLC now owns 14,326 shares of the construction company's stock valued at $1,257,000 after purchasing an additional 614 shares in the last quarter. Xponance Inc. lifted its position in shares of Granite Construction by 9.9% during the fourth quarter. Xponance Inc. now owns 3,168 shares of the construction company's stock valued at $278,000 after purchasing an additional 285 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Granite Construction by 35.2% during the fourth quarter. Teacher Retirement System of Texas now owns 26,319 shares of the construction company's stock valued at $2,308,000 after purchasing an additional 6,852 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Granite Construction by 25.4% during the fourth quarter. Virtu Financial LLC now owns 4,468 shares of the construction company's stock valued at $392,000 after purchasing an additional 904 shares in the last quarter.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised their price target 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 Performance

GVA stock traded up $0.91 during mid-day trading on Friday, hitting $95.78. The company had a trading volume of 852,742 shares, compared to its average volume of 615,934. The firm has a market cap of $4.19 billion, a PE ratio of 39.91 and a beta of 1.32. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.57. Granite Construction Incorporated has a 12 month low of $65.13 and a 12 month high of $105.20. The stock's fifty day moving average price is $91.09 and its two-hundred day moving average price is $85.00.

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 for the quarter, topping the consensus estimate of ($0.43) by $0.44. The firm 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%. The company's revenue was up 4.0% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.54%. Granite Construction's dividend payout ratio is currently 21.67%.

Insider Activity at Granite Construction

In other Granite Construction news, CEO Kyle T. Larkin sold 3,617 shares of the business's stock in a transaction that occurred on Monday, April 28th. The shares were 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 owned 132,366 shares of the company's stock, valued at $10,639,579.08. The trade was a 2.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the business's 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 of the company's stock, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

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.