ProShare Advisors LLC Purchases 4,083 Shares of Granite Construction Incorporated (NYSE:GVA)

ProShare Advisors LLC lifted its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 44.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,265 shares of the construction company's stock after purchasing an additional 4,083 shares during the period. ProShare Advisors LLC's holdings in Granite Construction were worth $1,163,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Federated Hermes Inc. acquired a new position in Granite Construction in the fourth quarter valued at about $26,000. Quarry LP increased its stake in shares of Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after acquiring an additional 132 shares during the last quarter. Aster Capital Management DIFC Ltd raised its position in shares of Granite Construction by 112.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 900 shares of the construction company's stock valued at $79,000 after acquiring an additional 477 shares during the period. Steward Partners Investment Advisory LLC bought a new position in Granite Construction during the 4th quarter worth approximately $89,000. Finally, Smartleaf Asset Management LLC boosted its stake in Granite Construction by 193.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the construction company's stock worth $119,000 after acquiring an additional 887 shares during the last quarter.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upped their target price 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 Activity at Granite Construction

In other Granite Construction news, CEO Kyle T. Larkin sold 3,617 shares of the business's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $80.38, for a total value of $290,734.46. Following the sale, the chief executive officer now owns 132,366 shares in the company, valued at approximately $10,639,579.08. The trade was a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $81.55, for a total transaction of $165,138.75. Following the transaction, the senior vice president now directly owns 13,880 shares of the company's stock, valued at $1,131,914. This represents a 12.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,432 shares of company stock valued at $679,129. 0.81% of the stock is owned by corporate insiders.

Granite Construction Trading Down 1.4%

GVA stock traded down $1.28 during midday trading on Wednesday, hitting $90.16. 71,247 shares of the company's stock were exchanged, compared to its average volume of 655,201. Granite Construction Incorporated has a one year low of $58.23 and a one year high of $105.20. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.56 and a current ratio of 1.66. The company has a market cap of $3.94 billion, a PE ratio of 36.49 and a beta of 1.33. The stock's fifty day moving average price is $79.97 and its 200-day moving average price is $85.77.

Granite Construction (NYSE:GVA - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $706.15 million. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. Granite Construction's quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts predict 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. Investors of record on Monday, March 31st were issued a dividend of $0.13 per share. The ex-dividend date was Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.58%. Granite Construction's payout ratio is 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.