Granite Construction Incorporated $GVA Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in Granite Construction Incorporated (NYSE:GVA) by 66.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,050 shares of the construction company’s stock after selling 13,950 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Granite Construction were worth $813,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in Granite Construction in the third quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. purchased a new position in Granite Construction in the fourth quarter valued at approximately $29,000. Spire Wealth Management purchased a new position in Granite Construction in the fourth quarter valued at approximately $46,000. Federated Hermes Inc. increased its stake in 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 during the last quarter. Finally, Torren Management LLC purchased a new position in Granite Construction in the fourth quarter valued at approximately $56,000.

Granite Construction Trading Up 0.2%

NYSE:GVA opened at $138.78 on Monday. The stock has a fifty day moving average price of $126.44 and a two-hundred day moving average price of $120.31. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 39.99 and a beta of 1.35. 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 Incorporated has a 1 year low of $84.45 and a 1 year high of $145.00.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of ($0.77) by $1.03. The company had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.Granite Construction’s revenue was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 earnings per share.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GVA shares. DA Davidson increased their price target on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. The Goldman Sachs Group upped their price target on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings cut Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $139.50.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, CFO Staci M. Woolsey sold 1,523 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the sale, the chief financial officer owned 18,954 shares of the company’s stock, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kyle T. Larkin sold 26,651 shares of the stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total value of $3,148,016.12. Following the sale, the chief executive officer directly owned 114,881 shares in the company, valued at approximately $13,569,743.72. The trade was a 18.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 35,488 shares of company stock worth $4,207,042 in the last three months. 1.00% of the stock is owned by corporate insiders.

Granite Construction 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.