Millennium Management LLC Raises Stock Position in Granite Construction Incorporated (NYSE:GVA)

Millennium Management LLC boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 11.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,651,676 shares of the construction company's stock after purchasing an additional 263,302 shares during the period. Millennium Management LLC owned about 6.07% of Granite Construction worth $232,579,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in Granite Construction during the 4th quarter valued at approximately $92,154,000. Hennessy Advisors Inc. bought a new stake in Granite Construction during the 4th quarter valued at approximately $61,046,000. Norges Bank bought a new stake in Granite Construction during the 4th quarter valued at approximately $31,855,000. First Trust Advisors LP boosted its position in Granite Construction by 35.1% during the 4th quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock valued at $99,237,000 after acquiring an additional 294,200 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in Granite Construction by 1,058.0% during the 4th quarter. Voya Investment Management LLC now owns 214,777 shares of the construction company's stock valued at $18,838,000 after acquiring an additional 196,229 shares in the last quarter.

Insider Transactions at Granite Construction

In other news, CEO Kyle T. Larkin sold 3,617 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 132,366 shares in the company, valued at $10,639,579.08. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO James A. Radich sold 2,500 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $87.14, for a total value of $217,850.00. Following the completion of the sale, the chief operating officer now owns 28,256 shares of the company's stock, valued at $2,462,227.84. This trade represents a 8.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,932 shares of company stock worth $896,979 in the last three months. Corporate insiders own 0.81% of the company's stock.

Granite Construction Stock Up 0.8%

GVA stock traded up $0.70 during midday trading on Friday, hitting $87.03. The company's stock had a trading volume of 511,864 shares, compared to its average volume of 653,850. The firm's 50-day moving average is $78.07 and its 200-day moving average is $85.94. The company has a market cap of $3.81 billion, a PE ratio of 35.24 and a beta of 1.33. The company has a current ratio of 1.66, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68. Granite Construction Incorporated has a 12 month low of $58.23 and a 12 month high of $105.20.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.44. The firm had revenue of $699.55 million for the quarter, compared to analysts' expectations of $706.15 million. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. The firm's revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts forecast 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. Stockholders of record on Monday, March 31st were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.60%. Granite Construction's dividend payout ratio (DPR) is 21.67%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group boosted their price target on 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 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.