1060 Capital LLC Lowers Stock Position in Granite Construction Incorporated (NYSE:GVA)

1060 Capital LLC reduced its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 61.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,000 shares of the construction company's stock after selling 65,000 shares during the quarter. Granite Construction accounts for approximately 7.0% of 1060 Capital LLC's portfolio, making the stock its 6th largest holding. 1060 Capital LLC owned about 0.09% of Granite Construction worth $3,508,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of GVA. Federated Hermes Inc. purchased a new stake in Granite Construction in the 4th quarter worth approximately $26,000. Quarry LP boosted its stake in shares of Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after purchasing an additional 132 shares in the last quarter. Aster Capital Management DIFC Ltd raised its stake in Granite Construction by 112.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 900 shares of the construction company's stock worth $79,000 after buying an additional 477 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Granite Construction in the fourth quarter worth about $89,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of 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 period.

Granite Construction Stock Down 0.8 %

Shares of Granite Construction stock traded down $0.67 during trading on Tuesday, hitting $82.32. The company's stock had a trading volume of 1,040,871 shares, compared to its average volume of 650,074. Granite Construction Incorporated has a 52 week low of $58.23 and a 52 week 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 fifty day simple moving average of $76.86 and a two-hundred day simple moving average of $85.86. The company has a market capitalization of $3.60 billion, a PE ratio of 33.33 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last released its earnings results 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 firm had revenue of $699.55 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. Equities research analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.63%. 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 lifted their price target on Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research report on Monday.

Insider Buying and Selling at Granite Construction

In related news, CEO Kyle T. Larkin sold 3,617 shares of the business'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 value of $290,734.46. Following the completion of the transaction, the chief executive officer now directly owns 132,366 shares in the company, valued at $10,639,579.08. The trade was a 2.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $81.55, for a total value of $165,138.75. Following the sale, the senior vice president now 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. In the last ninety days, insiders sold 10,932 shares of company stock worth $896,979. 0.81% of the stock is owned by corporate insiders.

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.