State of Tennessee Department of Treasury Trims Stake in Granite Construction Incorporated (NYSE:GVA)

State of Tennessee Department of Treasury trimmed its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 21.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,292 shares of the construction company's stock after selling 3,426 shares during the quarter. State of Tennessee Department of Treasury's holdings in Granite Construction were worth $1,078,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Fiduciary Financial Group LLC purchased a new position in shares of Granite Construction in the 4th quarter worth $545,000. Pacer Advisors Inc. purchased a new stake in shares of Granite Construction during the 4th quarter valued at about $92,154,000. Teacher Retirement System of Texas increased its holdings in 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 buying an additional 6,852 shares during the last quarter. Norges Bank purchased a new position in shares of Granite Construction during the 4th quarter worth $31,855,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Granite Construction in the 4th quarter worth $61,046,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upped 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.

Insider Buying and Selling

In related news, COO James A. Radich sold 2,500 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $87.14, for a total value of $217,850.00. Following the sale, the chief operating officer now owns 28,256 shares in the company, valued at approximately $2,462,227.84. The trade was a 8.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kyle T. Larkin sold 2,790 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $80.02, for a total transaction of $223,255.80. Following the completion of the sale, the chief executive officer now owns 136,384 shares in the company, valued at approximately $10,913,447.68. This trade represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,932 shares of company stock worth $896,979. 0.81% of the stock is owned by insiders.

Granite Construction Price Performance

Granite Construction stock traded down $0.12 during mid-day trading on Tuesday, hitting $82.87. The stock had a trading volume of 308,041 shares, compared to its average volume of 673,435. Granite Construction Incorporated has a one year low of $58.23 and a one year high of $105.20. The company has a current ratio of 1.66, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $3.62 billion, a P/E ratio of 33.55 and a beta of 1.33. The firm's 50 day moving average is $76.86 and its 200 day moving average is $85.86.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.43) by $0.44. The business had revenue of $699.55 million for the quarter, compared to the consensus estimate 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, sell-side 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 announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.63%. The ex-dividend date was Monday, March 31st. Granite Construction's dividend payout ratio (DPR) is presently 21.67%.

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.