R Squared Ltd Acquires 3,470 Shares of Granite Construction Incorporated (NYSE:GVA)

Key Points

• R Squared Ltd increased its stake in Granite Construction by 144.6%, acquiring an additional 3,470 shares, which brings its total holdings to 5,870 shares valued at approximately $443,000.
• The company announced a $0.13 quarterly dividend on June 30th, reflecting an annualized yield of 0.6% and a payout ratio of 21.67%.
• Granite Construction's stock recently traded down to $92.32 after a trading volume of 604,545 shares, with analysts expecting earnings per share to reach 5.49 for the current fiscal year.

R Squared Ltd increased its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 144.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 5,870 shares of the construction company's stock after buying an additional 3,470 shares during the quarter. R Squared Ltd's holdings in Granite Construction were worth $443,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in GVA. Norges Bank purchased a new position in Granite Construction in the 4th quarter worth approximately $31,855,000. First Trust Advisors LP lifted its holdings in Granite Construction by 35.1% in the 4th quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock worth $99,237,000 after purchasing an additional 294,200 shares in the last quarter. Millennium Management LLC lifted its holdings in Granite Construction by 11.0% in the 4th quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after purchasing an additional 263,302 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Granite Construction by 1,058.0% during the 4th quarter. Voya Investment Management LLC now owns 214,777 shares of the construction company's stock worth $18,838,000 after acquiring an additional 196,229 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Granite Construction by 7,509.2% during the 1st quarter. GAMMA Investing LLC now owns 165,729 shares of the construction company's stock worth $12,496,000 after acquiring an additional 163,551 shares in the last quarter.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped 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 Price Performance

Shares of GVA traded up $2.18 during mid-day trading on Tuesday, hitting $94.97. 171,501 shares of the stock were exchanged, compared to its average volume of 606,649. The company has a market cap of $4.15 billion, a PE ratio of 39.57 and a beta of 1.39. Granite Construction Incorporated has a 52-week low of $66.99 and a 52-week high of $105.20. The firm has a 50-day moving average of $92.09 and a two-hundred day moving average of $85.17. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given 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 dividend yield of 0.5%. Granite Construction's payout ratio is currently 21.67%.

Insider Buying and Selling at Granite Construction

In other news, 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 transaction, the senior vice president owned 18,819 shares of the company's stock, valued at approximately $1,726,831.44. The trade was a 9.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company's stock.

About Granite Construction

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.