Third Point sells shares of Granite Construction

By Lisa Kerner

Charlotte, N.C., Aug. 22 - Granite Construction Inc. investors led by Third Point LLC sold 900,000 shares of the company's stock between July 25 and Aug. 22, priced from $52.29 and $68.23 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 3,100,000 shares, or 7.4%, of the Watsonville, Calif., heavy civil construction contractor's outstanding stock.

On July 16, Third Point reported the purchase of 1,239,700 Granite shares between June 29 and July 16, priced from $64.18 and $73.70 each. At that time, the investor owned 4,000,000 shares for a 9.4% stake in the company.

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