GSA Capital Partners LLP Boosts Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

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 raised its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 112.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,279 shares of the construction company's stock after acquiring 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 filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in Granite Construction by 1.8% in the first quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company's stock valued at $16,350,000 after buying an additional 3,737 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in Granite Construction by 16.6% during the first quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock worth $385,000 after buying an additional 725 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Granite Construction in the fourth quarter valued at $1,465,000. Blue Trust Inc. increased its holdings in shares of Granite Construction by 40.5% in the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the last quarter. Finally, 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 buying an additional 9,255 shares during the period.

Granite Construction Price Performance

Granite Construction stock traded up $2.18 during trading hours on Tuesday, reaching $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 P/E ratio of 39.57 and a beta of 1.39. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. Granite Construction Incorporated has a twelve month low of $66.99 and a twelve month high of $105.20. The stock has a 50 day moving average of $92.09 and a two-hundred day moving average of $85.17.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, June 30th. Granite Construction's dividend payout ratio is 21.67%.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upped their price target on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research note on Monday, May 5th.

Insider Transactions at Granite Construction

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the completion of the transaction, the senior vice president directly owned 18,819 shares in the company, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.81% of the company's stock.

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.