GSA Capital Partners LLP Makes New $1.41 Million Investment in Granite Construction Incorporated $GVA

GSA Capital Partners LLP bought a new position in Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 8,902 shares of the construction company’s stock, valued at approximately $1,407,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Maryland State Retirement & Pension System boosted its holdings in Granite Construction by 1.3% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Root Financial Partners LLC increased its stake in Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after buying an additional 90 shares during the last quarter. GAMMA Investing LLC increased its stake in Granite Construction by 3.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company’s stock valued at $572,000 after buying an additional 107 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Granite Construction by 4.5% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock worth $263,000 after buying an additional 120 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of Granite Construction by 3.1% during the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock worth $575,000 after buying an additional 148 shares in the last quarter.

Insider Transactions at Granite Construction

In other news, SVP Bradley Jay Williams sold 6,734 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. This represents a 48.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Timothy Romer purchased 375 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were purchased at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the transaction, the director directly owned 2,801 shares in the company, valued at approximately $402,363.65. The trade was a 15.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 1,150 shares of company stock valued at $156,636. Corporate insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GVA. Weiss Ratings downgraded Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Stephens began coverage on Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target for the company. Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. The Goldman Sachs Group cut their price objective on Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research report on Friday, July 31st. Finally, Oppenheimer upped their price objective on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Granite Construction has an average rating of “Hold” and a consensus target price of $158.50.

Granite Construction Stock Down 0.2%

GVA opened at $126.80 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of -29.42 and a beta of 1.33. Granite Construction Incorporated has a twelve month low of $97.26 and a twelve month high of $162.08. The company’s 50-day moving average price is $134.35 and its two-hundred day moving average price is $130.78.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.09). The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The company’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. As a group, equities analysts expect that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Tuesday, June 30th. Granite Construction’s dividend payout ratio is -12.06%.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.