Hsbc Holdings PLC Invests $2.09 Million in Granite Construction Incorporated $GVA

Hsbc Holdings PLC bought a new position in Granite Construction Incorporated (NYSE:GVA) during the second quarter, HoldingsChannel reports. The firm bought 13,122 shares of the construction company’s stock, valued at approximately $2,092,000.

Several other hedge funds have also bought and sold shares of the business. Maryland State Retirement & Pension System raised 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 buying an additional 83 shares during the last quarter. Root Financial Partners LLC grew its holdings in shares of Granite Construction by 30.9% during the first 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 position in shares of Granite Construction by 3.0% during the second quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company’s stock worth $572,000 after acquiring an additional 107 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Granite Construction by 4.5% during the second quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock worth $263,000 after acquiring an additional 120 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Granite Construction by 3.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock worth $575,000 after acquiring an additional 148 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GVA shares. Stephens started coverage on shares of Granite Construction in a research report on Friday, June 26th. They issued an “overweight” rating and a $180.00 price target on the stock. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Weiss Ratings raised Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Oppenheimer upped their price target on Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.50.

Insider Buying and Selling

In related news, Director Carlos M. Hernandez purchased 400 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were acquired at an average cost of $123.99 per share, with a total value of $49,596.00. Following the purchase, the director directly owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Bradley Jay Williams sold 6,734 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $949,494.00. Following the completion of the sale, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. The trade was a 48.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have acquired 1,150 shares of company stock valued at $156,636 in the last 90 days. 0.88% of the stock is owned by insiders.

Granite Construction Stock Up 0.2%

GVA stock opened at $122.71 on Monday. The stock has a 50-day simple moving average of $130.84 and a two-hundred day simple moving average of $130.80. 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 firm has a market capitalization of $5.37 billion, a PE ratio of -28.47 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.

Granite Construction (NYSE:GVA) last announced its 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). Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. On average, equities analysts predict that Granite Construction Incorporated will post 6.36 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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

About Granite Construction

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.