Mirae Asset Global Investments Co. Ltd. Sells 55,141 Shares of Granite Construction Incorporated (NYSE:GVA)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Granite Construction Incorporated (NYSE:GVA) by 14.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 334,369 shares of the construction company’s stock after selling 55,141 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Granite Construction were worth $19,103,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of GVA. GAMMA Investing LLC acquired a new position in shares of Granite Construction during the 4th quarter valued at $43,000. Riverview Trust Co acquired a new position in shares of Granite Construction during the first quarter valued at about $107,000. Toth Financial Advisory Corp boosted its position in shares of Granite Construction by 35.1% during the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock worth $127,000 after purchasing an additional 650 shares in the last quarter. Westend Capital Management LLC bought a new stake in Granite Construction in the 1st quarter valued at about $217,000. Finally, Connable Office Inc. bought a new position in Granite Construction in the fourth quarter worth approximately $221,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upped their target price on Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a research report on Tuesday, April 16th.

Granite Construction Stock Performance

Shares of GVA opened at $61.59 on Friday. The firm has a market capitalization of $2.72 billion, a P/E ratio of 104.39 and a beta of 1.41. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $65.08. The stock has a 50 day moving average price of $61.17 and a two-hundred day moving average price of $54.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.51.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.28. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. The business had revenue of $672.28 million for the quarter. Equities analysts forecast that Granite Construction Incorporated will post 4.76 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Friday, June 28th. Granite Construction’s payout ratio is 88.14%.

Insider Buying and Selling at Granite Construction

In other news, SVP Bradley Jay Williams sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total value of $45,907.50. Following the transaction, the senior vice president now owns 7,423 shares in the company, valued at approximately $454,361.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company 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.