Oliver Luxxe Assets LLC Decreases Holdings in Granite Construction Incorporated $GVA

Oliver Luxxe Assets LLC trimmed its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 46.1% during the second quarter, HoldingsChannel reports. The firm owned 8,322 shares of the construction company’s stock after selling 7,105 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Granite Construction were worth $1,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in GVA. Aster Capital Management DIFC Ltd increased its holdings in Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares during the last quarter. Root Financial Partners LLC boosted its stake in Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after acquiring an additional 90 shares during the last quarter. Torren Management LLC purchased a new position in Granite Construction in the fourth quarter valued at about $56,000. Quarry LP grew its position in shares of Granite Construction by 1,417.6% during the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after acquiring an additional 482 shares during the period. Finally, Danske Bank A S purchased a new stake in shares of Granite Construction during the 3rd quarter worth approximately $77,000.

Granite Construction Trading Down 0.3%

Shares of GVA stock opened at $127.99 on Monday. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -29.70 and a beta of 1.33. The company’s fifty day simple moving average is $135.70 and its two-hundred day simple moving average is $130.61. Granite Construction Incorporated has a 1 year low of $97.26 and a 1 year high of $162.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.Granite Construction’s revenue was up 28.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 earnings per share. As a group, analysts anticipate that Granite Construction Incorporated will post 6.14 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. Stockholders of record on Tuesday, June 30th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction’s dividend payout ratio (DPR) is -12.06%.

Analyst Ratings Changes

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

Insider Activity

In other news, SVP Bradley Jay Williams sold 6,734 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the completion of the transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at approximately $992,781. The trade was a 48.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos M. Hernandez acquired 400 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the transaction, the director owned 5,033 shares of the company’s stock, valued at $624,041.67. The trade was a 8.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 1,150 shares of company stock valued at $156,636 over the last ninety days. 0.88% of the stock is owned by insiders.

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.