GAMMA Investing LLC Purchases 163,551 Shares of Granite Construction Incorporated (NYSE:GVA)

GAMMA Investing LLC lifted its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 7,509.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,729 shares of the construction company's stock after acquiring an additional 163,551 shares during the quarter. GAMMA Investing LLC owned 0.38% of Granite Construction worth $12,496,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV increased its position 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 last quarter. Golden State Wealth Management LLC purchased a new position in shares of Granite Construction in the 4th quarter valued at $384,000. Entropy Technologies LP raised its stake 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 valued at $1,803,000 after acquiring an additional 15,403 shares during the period. Certuity LLC purchased a new stake in Granite Construction during the 4th quarter worth $232,000. Finally, Asset Management One Co. Ltd. purchased a new stake in Granite Construction during the 4th quarter worth $4,963,000.

Insider Transactions at Granite Construction

In other Granite Construction news, CEO Kyle T. Larkin sold 3,617 shares of Granite Construction stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the transaction, the senior vice president now owns 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 disclosure for this sale can be found here. Insiders sold a total of 8,432 shares of company stock worth $699,804 in the last three months. Insiders own 0.81% of the company's stock.

Granite Construction Stock Performance

Granite Construction stock traded up $1.22 on Friday, reaching $91.88. 516,748 shares of the stock were exchanged, compared to its average volume of 665,519. The company has a current ratio of 1.66, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a twelve month low of $58.23 and a twelve month high of $105.20. The firm has a fifty day moving average price of $82.11 and a two-hundred day moving average price of $85.47. The stock has a market cap of $4.02 billion, a PE ratio of 37.20 and a beta of 1.34.

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

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.57%. Granite Construction's dividend payout ratio is 21.67%.

Analyst Ratings Changes

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

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.