Granite Construction Incorporated (NYSE:GVA) Holdings Reduced by American Trust

American Trust lowered its position in Granite Construction Incorporated (NYSE:GVA) by 3.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,507 shares of the construction company’s stock after selling 149 shares during the quarter. American Trust’s holdings in Granite Construction were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC bought a new position in Granite Construction in the 2nd quarter worth approximately $33,000. Wellington Shields & Co. LLC increased its holdings in shares of Granite Construction by 30.8% during the first quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after purchasing an additional 200 shares during the period. Riverview Trust Co bought a new stake in shares of Granite Construction during the first quarter valued at about $107,000. Headlands Technologies LLC acquired a new stake in Granite Construction in the second quarter worth about $107,000. Finally, Bard Financial Services Inc. bought a new position in Granite Construction in the 2nd quarter valued at about $215,000.

Analyst Ratings Changes

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

Granite Construction Stock Up 1.1 %

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

Granite Construction (NYSE:GVA) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the business earned $1.03 earnings per share. Granite Construction’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, equities analysts predict that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Insiders Place Their Bets

In other 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 transaction of $346,100.00. Following the completion of the sale, the senior vice president now owns 21,943 shares in the company, valued at approximately $1,518,894.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is currently owned by company insiders.

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.