Granite Construction Incorporated (NYSE:GVA) Shares Sold by Systematic Financial Management LP

Systematic Financial Management LP trimmed its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 571,848 shares of the construction company's stock after selling 33,102 shares during the period. Granite Construction comprises about 1.3% of Systematic Financial Management LP's investment portfolio, making the stock its 8th biggest position. Systematic Financial Management LP owned about 1.31% of Granite Construction worth $50,157,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Millennium Management LLC lifted its stake in Granite Construction by 11.0% in the 4th quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after purchasing an additional 263,302 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Granite Construction by 35.1% in the fourth quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock worth $99,237,000 after purchasing an additional 294,200 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Granite Construction in the fourth quarter worth about $92,154,000. Hennessy Advisors Inc. purchased a new stake in shares of Granite Construction in the fourth quarter worth about $61,046,000. Finally, Boston Partners boosted its stake in Granite Construction by 2.7% during the fourth quarter. Boston Partners now owns 584,398 shares of the construction company's stock valued at $51,813,000 after buying an additional 15,597 shares during the last quarter.

Analyst Ratings Changes

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research note on Monday, May 5th.

Granite Construction Price Performance

Granite Construction stock traded down $0.66 during mid-day trading on Thursday, reaching $85.66. 144,306 shares of the company's stock traded hands, compared to its average volume of 651,324. Granite Construction Incorporated has a 12-month low of $58.23 and a 12-month high of $105.20. 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 stock has a 50 day moving average of $78.88 and a two-hundred day moving average of $85.97. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 34.68 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last announced 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. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. The firm had revenue of $699.55 million for the quarter, compared to analysts' expectations of $706.15 million. Granite Construction's quarterly revenue was up 4.0% compared to the same quarter last year. Equities analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current 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. This represents a $0.52 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Monday, March 31st. Granite Construction's payout ratio is 21.67%.

Insider Activity

In related news, CEO Kyle T. Larkin sold 3,617 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $80.38, for a total value of $290,734.46. Following the sale, the chief executive officer now directly owns 132,366 shares of the company's stock, 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 through this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 13,880 shares of the company's stock, valued at $1,131,914. The trade was a 12.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,432 shares of company stock valued at $679,129 in the last ninety days. Insiders own 0.81% of the company's stock.

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.