Granite Construction: Loeb's Third Point Accumulates 7.7% Stake

by: Lon Juricic

In a 13D filing after the close on Granite Construction Inc. (NYSE:GVA), Daniel Loeb's Third Point LLC disclosed a 7.7% stake (3.25 million shares) in the company. The firm did not show a stake in GVA at the quarter ended December 31, 2006.

In a pretty standard disclosure the firm said:

The Reporting Persons may from time to time, among other things, hold discussions with third parties or with management of such companies (including the Company) in which the Reporting Persons may suggest or take a position with respect to potential changes in the operations, strategy, management or capital structure of such companies as a means of enhancing shareholder value.