Granite Construction Incorporated (NYSE:GVA) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lowered its position in Granite Construction Incorporated (NYSE:GVA) by 39.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,594 shares of the construction company’s stock after selling 1,707 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Granite Construction were worth $161,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Rothschild Investment LLC purchased a new stake in Granite Construction during the second quarter worth $33,000. Wellington Shields & Co. LLC boosted its position in shares of Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after buying an additional 200 shares in the last quarter. Riverview Trust Co acquired a new stake in Granite Construction in the 1st quarter valued at about $107,000. Headlands Technologies LLC acquired a new stake in Granite Construction in the 2nd quarter valued at about $107,000. Finally, Bard Financial Services Inc. purchased a new position in Granite Construction during the 2nd quarter valued at about $215,000.

Insider Buying and Selling at Granite Construction

In other news, SVP Michael G. Tatusko sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the sale, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group increased their price target on shares of Granite Construction from $55.00 to $61.00 and gave the company a “sell” rating in a research report on Friday, August 2nd.

Granite Construction Stock Up 0.1 %

GVA opened at $79.09 on Friday. The firm has a market cap of $3.49 billion, a P/E ratio of 134.05 and a beta of 1.39. The business’s fifty day simple moving average is $72.37 and its 200 day simple moving average is $63.79. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $81.38. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.41. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the company earned $1.03 EPS. As a group, equities research analysts anticipate that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.66%. Granite Construction’s payout ratio is currently 88.14%.

About Granite Construction

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.