Bradley Jay Williams Sells 6,734 Shares of Granite Construction (NYSE:GVA) Stock

Granite Construction Incorporated (NYSE:GVA) SVP Bradley Jay Williams sold 6,734 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $949,494.00. Following the completion of the sale, the senior vice president directly owned 7,041 shares in the company, valued at $992,781. This trade represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Granite Construction Price Performance

Granite Construction stock opened at $140.05 on Wednesday. The company’s 50 day simple moving average is $131.13 and its 200-day simple moving average is $124.33. The company has a market capitalization of $6.13 billion, a price-to-earnings ratio of 40.36 and a beta of 1.32. Granite Construction Incorporated has a 1 year low of $87.72 and a 1 year high of $145.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09.

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

Granite Construction Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. Weiss Ratings downgraded shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. 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 objective for the company. Finally, DA Davidson lifted their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $149.67.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GVA. Aster Capital Management DIFC Ltd grew its holdings in shares of Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Granite Construction in the fourth quarter valued at approximately $29,000. Spire Wealth Management acquired a new position in shares of Granite Construction in the fourth quarter valued at approximately $46,000. Root Financial Partners LLC grew its holdings in shares of Granite Construction by 30.9% in the first 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 in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Granite Construction by 94.6% in the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after purchasing an additional 212 shares in the last quarter.

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.