Teacher Retirement System of Texas Has $2.29 Million Position in Granite Construction Incorporated (NYSE:GVA)

Teacher Retirement System of Texas lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 15.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,327 shares of the construction company's stock after acquiring an additional 4,008 shares during the quarter. Teacher Retirement System of Texas owned about 0.07% of Granite Construction worth $2,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GVA. Federated Hermes Inc. acquired a new position in shares of Granite Construction during the fourth quarter valued at approximately $26,000. Quarry LP increased its stake in shares of Granite Construction by 68.4% during the fourth 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 period. Rothschild Investment LLC increased its stake in shares of Granite Construction by 80.3% during the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after acquiring an additional 285 shares during the period. Blue Trust Inc. increased its stake in shares of Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after acquiring an additional 225 shares during the period. Finally, Versant Capital Management Inc increased its stake in shares of Granite Construction by 53.0% during the first quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after acquiring an additional 296 shares during the period.

Insider Buying and Selling

In related news, CEO Kyle T. Larkin sold 3,617 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $80.38, for a total transaction of $290,734.46. Following the completion of the sale, the chief executive officer directly owned 132,366 shares in the company, valued at approximately $10,639,579.08. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction that occurred 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 directly owned 18,819 shares of the company's stock, valued at $1,726,831.44. This represents a 9.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,432 shares of company stock valued at $699,804 over the last 90 days. 0.81% of the stock is currently owned by insiders.

Granite Construction Price Performance

Shares of NYSE GVA traded down $0.58 during mid-day trading on Friday, reaching $93.54. 325,435 shares of the company traded hands, compared to its average volume of 633,289. The firm has a market cap of $4.09 billion, a PE ratio of 38.97 and a beta of 1.32. Granite Construction Incorporated has a fifty-two week low of $63.37 and a fifty-two week high of $105.20. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.57 and a quick ratio of 1.44. The stock has a fifty day simple moving average of $89.24 and a 200-day simple moving average of $84.65.

Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results 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 firm had revenue of $699.55 million during the quarter, compared to analysts' expectations of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The firm's revenue was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Monday, June 30th. Granite Construction's payout ratio is 21.67%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised their price objective 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.

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.