Moors & Cabot Inc. Sells 299 Shares of Granite Construction Incorporated (NYSE:GVA)

Moors & Cabot Inc. decreased its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 7.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,927 shares of the construction company’s stock after selling 299 shares during the period. Moors & Cabot Inc.’s holdings in Granite Construction were worth $243,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Headlands Technologies LLC bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $107,000. Choreo LLC bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $223,000. Arizona State Retirement System boosted its stake in shares of Granite Construction by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock valued at $763,000 after purchasing an additional 235 shares in the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $745,000. Finally, Natixis Advisors LLC boosted its stake in shares of Granite Construction by 4.3% during the 2nd quarter. Natixis Advisors LLC now owns 12,906 shares of the construction company’s stock valued at $800,000 after purchasing an additional 530 shares in the last quarter.

Granite Construction Stock Down 0.1 %

Shares of Granite Construction stock opened at $80.28 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56. The company has a 50-day moving average of $70.94 and a 200 day moving average of $62.88. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 136.07 and a beta of 1.39. Granite Construction Incorporated has a 1 year low of $33.74 and a 1 year high of $81.33.

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

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders 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 dividend yield of 0.65%. The ex-dividend date is Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Analyst Upgrades and Downgrades

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

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 21,943 shares of the company’s stock, valued at approximately $1,518,894.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is owned by 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.