Golden State Wealth Management LLC Has $770,000 Stock Position in Granite Construction Incorporated (NYSE:GVA)

Golden State Wealth Management LLC lifted its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 133.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,211 shares of the construction company's stock after purchasing an additional 5,835 shares during the period. Golden State Wealth Management LLC's holdings in Granite Construction were worth $770,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Asset Management One Co. Ltd. increased its position in Granite Construction by 16.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 64,952 shares of the construction company's stock worth $4,897,000 after purchasing an additional 9,255 shares in the last quarter. Blue Trust Inc. lifted its position in Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after buying an additional 225 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Granite Construction during the 1st quarter valued at $309,000. Toth Financial Advisory Corp grew its position in Granite Construction by 50.0% in the first quarter. Toth Financial Advisory Corp now owns 9,005 shares of the construction company's stock valued at $679,000 after acquiring an additional 3,000 shares in the last quarter. Finally, City Center Advisors LLC purchased a new stake in shares of Granite Construction during the first quarter valued at approximately $235,000.

Granite Construction Price Performance

Shares of GVA stock traded up $1.52 during midday trading on Friday, reaching $92.95. 593,678 shares of the company were exchanged, compared to its average volume of 653,923. The company's 50 day moving average price is $86.06 and its two-hundred day moving average price is $84.63. The company has a market cap of $4.07 billion, a P/E ratio of 38.73 and a beta of 1.34. Granite Construction Incorporated has a 12 month low of $58.23 and a 12 month high of $105.20. 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 (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, topping analysts' consensus estimates of ($0.43) by $0.44. The business had revenue of $699.55 million during the quarter, compared to analyst estimates of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. Granite Construction's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, sell-side analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.56%. Granite Construction's payout ratio is 21.67%.

Insiders Place Their Bets

In related news, 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 of the company's stock, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kyle T. Larkin sold 2,790 shares of Granite Construction stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $80.02, for a total transaction of $223,255.80. Following the completion of the transaction, the chief executive officer now owns 136,384 shares in the company, valued at $10,913,447.68. This trade represents a 2.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,432 shares of company stock valued at $699,804 over the last ninety days. Corporate insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group boosted their target price on shares of Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research 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.