Sequoia Financial Advisors LLC Invests $388,000 in Granite Construction Incorporated (NYSE:GVA)

Sequoia Financial Advisors LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 7,619 shares of the construction company’s stock, valued at approximately $388,000.

A number of other institutional investors have also recently made changes to their positions in GVA. Exchange Traded Concepts LLC acquired a new stake in shares of Granite Construction in the third quarter worth approximately $27,000. Belpointe Asset Management LLC boosted its stake in Granite Construction by 320.6% during the first quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock worth $28,000 after buying an additional 513 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in Granite Construction during the first quarter worth $38,000. Macquarie Group Ltd. acquired a new position in Granite Construction during the first quarter worth $43,000. Finally, NewEdge Advisors LLC boosted its stake in Granite Construction by 5,075.0% during the first quarter. NewEdge Advisors LLC now owns 1,242 shares of the construction company’s stock worth $51,000 after buying an additional 1,218 shares during the last quarter.

Granite Construction Price Performance

NYSE:GVA opened at $53.81 on Thursday. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $57.93. The company has a quick ratio of 1.49, a current ratio of 1.60 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $2.37 billion, a P/E ratio of 70.80 and a beta of 1.46. The stock’s fifty day moving average is $53.21 and its two-hundred day moving average is $47.65.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, February 22nd. The construction company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a net margin of 1.24% and a return on equity of 14.15%. The business had revenue of $933.70 million during the quarter. During the same quarter in the prior year, the company earned $0.56 EPS. Equities analysts expect that Granite Construction Incorporated will post 4.29 EPS for the current year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.52 dividend on an annualized basis and a yield of 0.97%. Granite Construction’s dividend payout ratio is currently 68.42%.

Analysts Set New Price Targets

GVA has been the topic of a number of recent research reports. The Goldman Sachs Group boosted their price objective on Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a research note on Tuesday. DA Davidson boosted their price objective on Granite Construction from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th.

Insider Buying and Selling at Granite Construction

In related news, Director Louis E. Caldera sold 1,263 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total value of $63,150.00. Following the sale, the director now owns 8,528 shares in the company, valued at approximately $426,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.54% of the company’s stock.

Granite Construction 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.