Pinnacle Associates Ltd. Trims Position in Granite Construction Incorporated (NYSE:GVA)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in Granite Construction by 2.5%, now owning 158,792 shares valued at approximately $11.97 million according to its latest SEC filing.
• Granite Construction reported quarterly earnings of $0.01 per share, which exceeded analysts' expectations by $0.44, with revenues of $699.55 million, representing a 4.0% year-over-year increase.
• The company declared a quarterly dividend of $0.13 per share, resulting in an annualized yield of 0.54%, with a current dividend payout ratio of 21.67%.

Pinnacle Associates Ltd. trimmed its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 158,792 shares of the construction company's stock after selling 4,064 shares during the period. Pinnacle Associates Ltd. owned 0.36% of Granite Construction worth $11,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Millennium Management LLC lifted 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 during the last quarter. First Trust Advisors LP increased its position 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 valued at $99,237,000 after acquiring an additional 294,200 shares during the period. Invesco Ltd. increased its position in Granite Construction by 22.2% in the 4th quarter. Invesco Ltd. now owns 580,584 shares of the construction company's stock valued at $50,923,000 after acquiring an additional 105,420 shares during the period. Northern Trust Corp increased its position in Granite Construction by 17.9% in the 4th quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock valued at $50,818,000 after acquiring an additional 87,783 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Granite Construction by 10.6% in the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock valued at $46,959,000 after acquiring an additional 51,520 shares during the period.

Insiders Place Their Bets

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction 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 transaction, the senior vice president 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group boosted 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.

Granite Construction Stock Performance

GVA stock traded down $1.38 during trading on Monday, hitting $94.57. The company had a trading volume of 70,897 shares, compared to its average volume of 611,966. The company has a quick ratio of 1.44, a current ratio of 1.57 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $91.27 and a 200-day moving average price of $85.01. Granite Construction Incorporated has a 1-year low of $65.13 and a 1-year high of $105.20. The firm has a market cap of $4.14 billion, a PE ratio of 39.39 and a beta of 1.32.

Granite Construction (NYSE:GVA - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.44. Granite Construction had a return on equity of 21.40% and a net margin of 3.07%. The company had revenue of $699.55 million for the quarter, compared to analysts' expectations of $706.15 million. The business's revenue was up 4.0% compared to the same quarter last year. On average, 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 was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction's dividend payout ratio is currently 21.67%.

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.