Golden State Wealth Management LLC Purchases 5,835 Shares of Granite Construction Incorporated (NYSE:GVA)

Golden State Wealth Management LLC increased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 133.3% in the first quarter, according to its most recent disclosure with the SEC. 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 filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in GVA. Federated Hermes Inc. acquired a new position in shares of Granite Construction in the fourth quarter valued at about $26,000. Quarry LP grew its stake in shares of Granite Construction by 68.4% during the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after buying an additional 132 shares during the last quarter. Rothschild Investment LLC grew its position in Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after acquiring an additional 285 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after purchasing an additional 225 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in Granite Construction by 53.0% in the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after acquiring an additional 296 shares during the period.

Granite Construction Trading Up 0.7%

Shares of GVA stock traded up $0.65 during trading hours on Monday, hitting $93.53. 491,056 shares of the company were exchanged, compared to its average volume of 650,496. 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 fifty-two week low of $58.23 and a fifty-two week high of $105.20. The company has a 50 day simple moving average of $86.74 and a two-hundred day simple moving average of $84.45. The firm has a market cap of $4.09 billion, a P/E ratio of 38.97 and a beta of 1.34.

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 for the quarter, topping analysts' consensus estimates of ($0.43) by $0.44. Granite Construction had a return on equity of 21.40% and a net margin of 3.07%. The business had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. Granite Construction's revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group increased their target price 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.

Insider Buying and Selling

In related news, SVP Brian R. Dowd sold 2,025 shares of the 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 sale, the senior vice president directly owned 18,819 shares of the company's stock, valued at approximately $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kyle T. Larkin sold 3,617 shares of the firm's 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 sale, the chief executive officer directly owned 132,366 shares of the company's stock, valued at approximately $10,639,579.08. This represents a 2.66% 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 in the last 90 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.