Geneos Wealth Management Inc. Sells 3,008 Shares of Granite Construction Incorporated (NYSE:GVA)

Geneos Wealth Management Inc. cut its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 31.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,691 shares of the construction company’s stock after selling 3,008 shares during the period. Geneos Wealth Management Inc.’s holdings in Granite Construction were worth $382,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GVA. PNC Financial Services Group Inc. lifted its holdings in shares of Granite Construction by 2.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,379 shares of the construction company’s stock worth $426,000 after purchasing an additional 187 shares during the period. Wellington Shields & Co. LLC lifted its stake in shares of Granite Construction by 30.8% in the first 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 period. 1492 Capital Management LLC boosted its holdings in Granite Construction by 0.7% in 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. Toth Financial Advisory Corp increased its position in Granite Construction by 35.1% during the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock valued at $127,000 after purchasing an additional 650 shares during the period. Finally, GAMMA Investing LLC acquired a new position in shares of Granite Construction in the 4th quarter worth approximately $43,000.

Insider Buying and Selling at Granite Construction

In related news, SVP Bradley Jay Williams sold 750 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total transaction of $45,907.50. Following the transaction, the senior vice president now directly owns 7,423 shares in the company, valued at $454,361.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.81% of the company’s stock.

Granite Construction Trading Up 2.0 %

NYSE:GVA opened at $64.00 on Friday. Granite Construction Incorporated has a 12 month low of $33.74 and a 12 month high of $65.08. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 106.32 and a beta of 1.41. The firm has a fifty day simple moving average of $61.56 and a two-hundred day simple moving average of $54.92.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, May 2nd. The construction company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.28. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. The company had revenue of $672.28 million during the quarter. Analysts expect that Granite Construction Incorporated will post 4.76 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.52 annualized dividend and a yield of 0.81%. Granite Construction’s payout ratio is 88.14%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upped their price target on shares of Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a research report on Tuesday, April 16th.

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.