Legal & General Group Plc Sells 5,600 Shares of Granite Construction Incorporated $GVA

Legal & General Group Plc trimmed its position in Granite Construction Incorporated (NYSE:GVA) by 4.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,671 shares of the construction company’s stock after selling 5,600 shares during the period. Legal & General Group Plc’s holdings in Granite Construction were worth $13,573,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new position in shares of Granite Construction during the fourth quarter worth $376,000. Legato Capital Management LLC bought a new stake in shares of Granite Construction in the 4th quarter valued at $459,000. Mizuho Markets Cayman LP raised its stake in Granite Construction by 8.7% during the 4th quarter. Mizuho Markets Cayman LP now owns 200,006 shares of the construction company’s stock worth $23,071,000 after buying an additional 16,000 shares during the period. Global Retirement Partners LLC grew its stake in Granite Construction by 303.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,137 shares of the construction company’s stock valued at $131,000 after acquiring an additional 855 shares during the period. Finally, ProShare Advisors LLC grew its stake in Granite Construction by 3.0% in the fourth quarter. ProShare Advisors LLC now owns 8,501 shares of the construction company’s stock valued at $981,000 after acquiring an additional 251 shares during the period.

Wall Street Analysts Forecast Growth

GVA has been the topic of a number of research analyst reports. Weiss Ratings lowered Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Zacks Research raised Granite Construction to a “hold” rating in a research note on Friday, May 29th. DA Davidson raised their target price on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Oppenheimer initiated coverage on shares of Granite Construction in a report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price target for the company. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $149.67.

Insiders Place Their Bets

In related news, CFO Staci M. Woolsey sold 1,523 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the completion of the transaction, the chief financial officer owned 18,954 shares in the company, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kyle T. Larkin sold 26,651 shares of the firm’s stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the completion of the transaction, the chief executive officer directly owned 114,881 shares of the company’s stock, valued at approximately $13,569,743.72. This trade represents a 18.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,488 shares of company stock worth $4,207,042. 0.88% of the stock is currently owned by insiders.

Granite Construction Stock Up 0.2%

GVA stock opened at $136.82 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The stock has a market capitalization of $5.99 billion, a P/E ratio of 39.43 and a beta of 1.32. Granite Construction Incorporated has a fifty-two week low of $87.72 and a fifty-two week high of $145.00. The business has a 50-day moving average of $128.68 and a 200-day moving average of $122.75.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, beating the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. During the same quarter in the previous year, the business posted $0.01 EPS. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Granite Construction Incorporated will post 5.13 earnings per share for the current fiscal year.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.