Granite Construction Incorporated (NYSE:GVA) Holdings Raised by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP has increased its holdings in Granite Construction by 112.9%, now owning 11,279 shares worth approximately $850,000.
• Granite Construction recently announced a quarterly dividend of $0.13 per share, contributing to an annualized dividend yield of 0.6% with a payout ratio of 21.67%.
• Goldman Sachs has raised the target price for Granite Construction from $69 to $76 while maintaining a "sell" rating on the stock.

GSA Capital Partners LLP boosted its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 112.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,279 shares of the construction company's stock after purchasing an additional 5,981 shares during the quarter. GSA Capital Partners LLP's holdings in Granite Construction were worth $850,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Granite Construction in the 4th quarter valued at about $31,855,000. First Trust Advisors LP increased its holdings in shares of 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 valued at $99,237,000 after purchasing an additional 294,200 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Granite Construction by 11.0% in the 4th quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock valued at $232,579,000 after purchasing an additional 263,302 shares in the last quarter. Voya Investment Management LLC increased its position in shares of Granite Construction by 1,058.0% in the fourth quarter. Voya Investment Management LLC now owns 214,777 shares of the construction company's stock valued at $18,838,000 after buying an additional 196,229 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Granite Construction by 7,509.2% in the first quarter. GAMMA Investing LLC now owns 165,729 shares of the construction company's stock valued at $12,496,000 after buying an additional 163,551 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised their price target on 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 other news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the transaction, the senior vice president directly owned 18,819 shares of the company's stock, valued at $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 is available at this link. 0.81% of the stock is owned by company insiders.

Granite Construction Price Performance

Granite Construction stock traded down $2.15 during midday trading on Friday, reaching $92.32. 604,545 shares of the company were exchanged, compared to its average volume of 444,270. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 38.47 and a beta of 1.39. The firm's 50-day simple moving average is $92.00 and its 200-day simple moving average is $85.21. Granite Construction Incorporated has a 1 year low of $65.13 and a 1 year 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 issued 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 firm had revenue of $699.55 million for the quarter, compared to analyst estimates of $706.15 million. Granite Construction had a return on equity of 21.40% and a net margin of 3.07%. The firm's revenue was up 4.0% on a year-over-year basis. On average, analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.13 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.6%. Granite Construction's payout ratio is 21.67%.

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.