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

Point72 Asia Singapore Pte. Ltd. cut its stake in Granite Construction Incorporated (NYSE:GVA) by 39.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its stake in shares of Granite Construction by 15.4% in the 4th quarter. First Trust Advisors LP now owns 533,324 shares of the construction company’s stock valued at $27,125,000 after purchasing an additional 71,099 shares in the last quarter. Wasatch Advisors LP acquired a new stake in Granite Construction during the fourth quarter valued at approximately $6,462,000. Frontier Capital Management Co. LLC lifted its holdings in Granite Construction by 21.6% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock worth $70,596,000 after buying an additional 246,154 shares during the last quarter. G2 Investment Partners Management LLC acquired a new position in shares of Granite Construction in the 4th quarter worth approximately $2,197,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Granite Construction by 8.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 639,849 shares of the construction company’s stock valued at $32,543,000 after acquiring an additional 49,610 shares during the last quarter.

Insider Activity

In related news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total value of $346,100.00. Following the sale, the senior vice president now owns 21,943 shares of the company’s stock, valued at approximately $1,518,894.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised their price objective on Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd.

Granite Construction Price Performance

GVA opened at $80.18 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75. The company’s 50-day moving average price is $72.88 and its 200 day moving average price is $64.28. Granite Construction Incorporated has a fifty-two week low of $33.74 and a fifty-two week high of $81.38. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 135.90 and a beta of 1.39.

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

Granite Construction Announces Dividend

The business 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. This represents a $0.52 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date is Monday, September 30th. Granite Construction’s payout ratio is 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.