Granite Construction (NYSE:GVA) SVP Michael Tatusko Sells 7,500 Shares

Granite Construction Incorporated (NYSE:GVA) SVP Michael Tatusko sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the completion of the transaction, the senior vice president directly owned 29,787 shares of the company’s stock, valued at $4,199,967. This trade represents a 20.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $139.87 on Tuesday. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 40.31 and a beta of 1.32. Granite Construction Incorporated has a 52 week low of $87.72 and a 52 week high of $145.00. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average of $130.70 and a 200 day moving average of $124.07.

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

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction’s dividend payout ratio is presently 14.99%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GVA shares. DA Davidson upped their price target on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Zacks Research raised Granite Construction to a “hold” rating in a research report on Friday, May 29th. Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Oppenheimer started coverage on Granite Construction in a research report on Thursday, May 28th. They set an “outperform” rating and a $170.00 price target on the stock. Finally, Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $149.67.

Hedge Funds Weigh In On Granite Construction

A number of large investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd raised its stake in Granite Construction by 512.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after acquiring an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Granite Construction during the 4th quarter valued at about $29,000. Spire Wealth Management purchased a new stake in Granite Construction during the 4th quarter valued at about $46,000. Root Financial Partners LLC grew its stake in Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after purchasing an additional 90 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Granite Construction by 94.6% during the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after purchasing an additional 212 shares during the last quarter.

Granite Construction Company Profile

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.