Puts Purchased on Granite Construction (GVA)

Shares of Granite Construction Incorporated GVA are lower on the session by 0.12%, currently trading at $24.37. The stock has been moving largely lower over the past six months, though recently based and bounced off the $22.50 level. Options traders are buying protection on the name today. A short while ago the November $22.50 put was purchased 1,500 times, on the offer, on open interest of just 214 contracts. This signals new positioning on the name. Overall put volume is now running at 6.78x the daily average, 77% on the offer. Granite Construction Incorporated is a heavy civil construction contractor in the United States. The company operates nationwide, serving both public and private sector clients. Within the public sector, it primarily concentrate on heavy-civil infrastructure projects, including the construction of roads, highways, mass transit facilities, airport infrastructure, bridges, dams and canals.