Y Intercept Hong Kong Ltd Reduces Position in Granite Construction Incorporated $GVA

Y Intercept Hong Kong Ltd reduced its holdings in Granite Construction Incorporated (NYSE:GVA) by 82.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,574 shares of the construction company’s stock after selling 43,716 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Granite Construction were worth $1,148,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Maryland State Retirement & Pension System boosted its holdings in shares of Granite Construction by 1.3% during the 4th 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 boosted its stake in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after buying an additional 90 shares during the last quarter. Evergreen Capital Management LLC grew its holdings in Granite Construction by 4.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock valued at $263,000 after buying an additional 120 shares in the last quarter. Corient Private Wealth LLC increased its stake 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. Finally, State of Alaska Department of Revenue raised its holdings in shares of Granite Construction by 0.9% during the 4th quarter. State of Alaska Department of Revenue now owns 22,224 shares of the construction company’s stock worth $2,563,000 after acquiring an additional 191 shares during the period.

Granite Construction Trading Down 2.1%

Shares of GVA traded down $2.65 during midday trading on Friday, hitting $122.93. 1,247,851 shares of the stock were exchanged, compared to its average volume of 881,051. Granite Construction Incorporated has a 52-week low of $89.80 and a 52-week high of $162.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The stock has a fifty day simple moving average of $141.41 and a 200 day simple moving average of $130.07. The firm has a market cap of $5.38 billion, a P/E ratio of 35.43 and a beta of 1.29.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. During the same quarter in the previous year, the business earned $0.01 EPS. The company’s quarterly revenue was up 30.4% compared to the same quarter last year. On average, research analysts anticipate that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.13 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s payout ratio is 14.99%.

Insider Buying and Selling

In other Granite Construction news, Director John Timothy Romer bought 375 shares of Granite Construction stock in a transaction on Monday, June 15th. The shares were bought at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the acquisition, the director directly owned 2,801 shares in the company, valued at $402,363.65. This represents a 15.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of the business’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 $1,057,500.00. Following the completion of the transaction, the senior vice president owned 29,787 shares of the company’s stock, valued at approximately $4,199,967. This trade represents a 20.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.88% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Zacks Research raised shares of Granite Construction to a “hold” rating in a report on Friday, May 29th. Weiss Ratings upgraded shares of Granite Construction from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 6th. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Stephens assumed coverage on Granite Construction in a report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target for the company. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $139.00 price objective (down from $141.00) on shares of Granite Construction in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Granite Construction has a consensus rating of “Moderate Buy” and a consensus price target of $161.00.

Key Granite Construction News

Here are the key news stories impacting Granite Construction this week:

• Negative Sentiment: Goldman Sachs reiterated a sell rating on Granite Construction and lowered its price target to $139 from $141, signaling limited upside and a more cautious view on the company’s near-term prospects.
• Negative Sentiment: Granite Construction was also downgraded by another analyst, adding to the pressure on the stock and reinforcing concerns about the infrastructure outlook.
• Neutral Sentiment: The company announced redemption of its 2028 convertible notes, a balance-sheet event that should reduce future debt obligations but is unlikely to be the main driver of trading today. Granite Construction Announces Redemption of 2028 Convertible Notes

Granite Construction 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.