Granite Construction Incorporated (NYSE:GVA) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,327 shares of the construction company's stock after purchasing an additional 4,008 shares during the quarter. Teacher Retirement System of Texas owned 0.07% of Granite Construction worth $2,287,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted its holdings in Granite Construction by 16.6% in the first quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock valued at $385,000 after purchasing an additional 725 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Granite Construction in the fourth quarter valued at $1,465,000. Blue Trust Inc. boosted its holdings in 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. Asset Management One Co. Ltd. boosted its holdings in Granite Construction by 16.6% in the first quarter. Asset Management One Co. Ltd. now owns 64,952 shares of the construction company's stock valued at $4,897,000 after purchasing an additional 9,255 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Granite Construction in the first quarter worth about $309,000.

Insider Transactions at Granite Construction

In related news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were 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 in the company, valued at $1,726,831.44. This represents a 9.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kyle T. Larkin sold 3,617 shares of the company's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $80.38, for a total transaction of $290,734.46. Following the transaction, the chief executive officer owned 132,366 shares of the company's stock, valued at approximately $10,639,579.08. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,432 shares of company stock valued at $699,804. Insiders own 0.81% of the company's stock.

Granite Construction Price Performance

Shares of Granite Construction stock traded down $0.58 during trading hours on Friday, reaching $93.54. The stock had a trading volume of 325,435 shares, compared to its average volume of 633,289. The stock's 50 day moving average is $89.24 and its 200 day moving average is $84.61. The firm has a market capitalization of $4.09 billion, a PE ratio of 38.97 and a beta of 1.32. Granite Construction Incorporated has a twelve month low of $63.37 and a twelve month high of $105.20. 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 (NYSE:GVA - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.43) by $0.44. The business had revenue of $699.55 million during the quarter, compared to the consensus estimate of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.13 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.56%. Granite Construction's dividend payout ratio (DPR) is currently 21.67%.

Analyst Ratings Changes

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

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.