Robbins Farley Sells 7,399 Shares of Granite Construction Incorporated $GVA

Robbins Farley cut its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 13.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 45,785 shares of the construction company’s stock after selling 7,399 shares during the quarter. Granite Construction comprises approximately 2.1% of Robbins Farley’s holdings, making the stock its 20th biggest position. Robbins Farley’s holdings in Granite Construction were worth $5,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GVA. Conversant Capital LLC purchased a new position in Granite Construction in the 1st quarter valued at approximately $21,490,000. Norges Bank purchased a new position in shares of Granite Construction in the second quarter valued at $24,812,000. Cubist Systematic Strategies LLC grew its position in shares of Granite Construction by 95.2% in the first quarter. Cubist Systematic Strategies LLC now owns 454,501 shares of the construction company’s stock valued at $34,269,000 after purchasing an additional 221,709 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Granite Construction by 241.7% during the 2nd quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company’s stock valued at $28,522,000 after purchasing an additional 215,752 shares during the period. Finally, Mizuho Markets Cayman LP purchased a new stake in Granite Construction during the 2nd quarter worth about $18,702,000.

Insider Buying and Selling at Granite Construction

In other news, Director Celeste Beeks Mastin sold 7,614 shares of Granite Construction stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $105.23, for a total value of $801,221.22. Following the sale, the director directly owned 10,206 shares in the company, valued at approximately $1,073,977.38. This trade represents a 42.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GVA shares. DA Davidson increased their price target on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. The Goldman Sachs Group began coverage on shares of Granite Construction in a research note on Monday, November 24th. They issued a “neutral” rating and a $109.00 target price on the stock. Zacks Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research note on Monday. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Granite Construction has an average rating of “Hold” and an average price target of $119.50.

Granite Construction Stock Performance

Granite Construction stock opened at $118.42 on Thursday. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $119.63. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.12 and a current ratio of 1.21. The stock has a market cap of $5.17 billion, a P/E ratio of 34.13 and a beta of 1.33. The firm’s fifty day moving average price is $106.73 and its 200-day moving average price is $103.05.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.14. Granite Construction had a return on equity of 24.04% and a net margin of 4.31%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Granite Construction Incorporated will post 5.49 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 Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, December 31st. Granite Construction’s dividend payout ratio is 14.99%.

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.