Rock Point Advisors LLC Cuts Stock Position in Granite Construction Incorporated (NYSE:GVA)

Rock Point Advisors LLC trimmed its position in shares of Granite Construction Incorporated (NYSE:GVA) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,581 shares of the construction company’s stock after selling 245 shares during the period. Granite Construction comprises 1.8% of Rock Point Advisors LLC’s investment portfolio, making the stock its 23rd largest position. Rock Point Advisors LLC owned 0.22% of Granite Construction worth $5,985,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EFG Asset Management North America Corp. boosted its stake in shares of Granite Construction by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock valued at $2,365,000 after purchasing an additional 180 shares during the period. PNC Financial Services Group Inc. boosted its position in Granite Construction by 2.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,379 shares of the construction company’s stock valued at $426,000 after buying an additional 187 shares during the period. Wellington Shields & Co. LLC grew its holdings in 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 acquiring an additional 200 shares during the last quarter. Arizona State Retirement System increased its position in shares of Granite Construction by 1.9% in the second quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock valued at $763,000 after acquiring an additional 235 shares during the period. Finally, 1492 Capital Management LLC raised its stake in shares of Granite Construction by 0.7% during the fourth quarter. 1492 Capital Management LLC now owns 41,068 shares of the construction company’s stock valued at $2,089,000 after acquiring an additional 275 shares during the last quarter.

Insider Transactions at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the completion of the transaction, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Performance

Shares of GVA stock opened at $76.37 on Friday. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 129.44 and a beta of 1.39. The stock has a fifty day moving average of $69.19 and a 200 day moving average of $61.93. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $76.92. 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 posted its earnings results on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.32 by $0.41. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the company posted $1.03 EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, research analysts expect that Granite Construction Incorporated will post 5.24 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Monday, September 30th. Granite Construction’s dividend payout ratio is currently 88.14%.

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.