16,700 Shares in Granite Construction Incorporated (NYSE:GVA) Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. acquired a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,700 shares of the construction company's stock, valued at approximately $1,465,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. purchased a new stake in Granite Construction during the fourth quarter worth $92,154,000. Teacher Retirement System of Texas boosted its holdings in Granite Construction by 35.2% during the fourth quarter. Teacher Retirement System of Texas now owns 26,319 shares of the construction company's stock worth $2,308,000 after buying an additional 6,852 shares in the last quarter. Norges Bank purchased a new stake in Granite Construction during the fourth quarter worth $31,855,000. Entropy Technologies LP boosted its holdings in Granite Construction by 299.2% during the fourth quarter. Entropy Technologies LP now owns 20,551 shares of the construction company's stock worth $1,803,000 after buying an additional 15,403 shares in the last quarter. Finally, Robbins Farley boosted its holdings in Granite Construction by 23.5% during the fourth quarter. Robbins Farley now owns 52,848 shares of the construction company's stock worth $4,635,000 after buying an additional 10,064 shares in the last quarter.

Granite Construction Price Performance

GVA traded up $2.44 during midday trading on Tuesday, hitting $90.48. 75,548 shares of the company traded hands, compared to its average volume of 654,604. The company has a current ratio of 1.66, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 36.65 and a beta of 1.33. Granite Construction Incorporated has a 52-week low of $58.23 and a 52-week high of $105.20. The business has a 50 day simple moving average of $79.66 and a two-hundred day simple moving average of $85.73.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.44. The business had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The firm's revenue was up 4.0% on a year-over-year basis. On average, equities analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Granite Construction's payout ratio is 21.67%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Granite Construction

In other news, CEO Kyle T. Larkin sold 2,790 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $80.02, for a total value of $223,255.80. Following the transaction, the chief executive officer now directly owns 136,384 shares of the company's stock, valued at approximately $10,913,447.68. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $81.55, for a total transaction of $165,138.75. Following the completion of the transaction, the senior vice president now directly owns 13,880 shares in the company, valued at approximately $1,131,914. This represents a 12.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,432 shares of company stock valued at $679,129 over the last ninety 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.