Toth Financial Advisory Corp Acquires 3,000 Shares of Granite Construction Incorporated (NYSE:GVA)

Toth Financial Advisory Corp increased its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 50.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,005 shares of the construction company's stock after purchasing an additional 3,000 shares during the period. Toth Financial Advisory Corp's holdings in Granite Construction were worth $679,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GVA. Point72 Asset Management L.P. acquired a new position in shares of Granite Construction during the fourth quarter worth approximately $1,465,000. Teacher Retirement System of Texas increased its holdings in shares of 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 valued at $2,308,000 after purchasing an additional 6,852 shares during the period. Norges Bank bought a new stake in shares of Granite Construction during the fourth quarter valued at about $31,855,000. Entropy Technologies LP raised its stake in shares of Granite Construction by 299.2% during the fourth quarter. Entropy Technologies LP now owns 20,551 shares of the construction company's stock valued at $1,803,000 after purchasing an additional 15,403 shares in the last quarter. Finally, Jefferies Financial Group Inc. lifted its holdings in Granite Construction by 22.5% in the fourth quarter. Jefferies Financial Group Inc. now owns 51,443 shares of the construction company's stock worth $4,512,000 after purchasing an additional 9,443 shares during the period.

Granite Construction Price Performance

NYSE:GVA traded down $0.93 during trading hours on Tuesday, reaching $89.86. 524,041 shares of the company's stock were exchanged, compared to its average volume of 657,019. The company has a quick ratio of 1.56, a current ratio of 1.66 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $3.93 billion, a P/E ratio of 36.38 and a beta of 1.34. Granite Construction Incorporated has a 12 month low of $58.23 and a 12 month high of $105.20. The business's 50-day simple moving average is $82.37 and its two-hundred day simple moving average is $85.24.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, topping 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% on a year-over-year basis. Sell-side analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Monday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.58%. Granite Construction's payout ratio is presently 21.67%.

Insider Buying and Selling at Granite Construction

In other news, 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 value of $290,734.46. Following the transaction, the chief executive officer now owns 132,366 shares in the company, valued at $10,639,579.08. This represents a 2.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the senior vice president now owns 18,819 shares of the company's stock, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,432 shares of company stock valued at $699,804. 0.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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.