Jupiter Topco LLC Takes Position in Granite Construction Incorporated $GVA

Jupiter Topco LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 34,163 shares of the construction company’s stock, valued at approximately $5,404,000.

Other hedge funds have also bought and sold shares of the company. Maryland State Retirement & Pension System lifted its holdings in Granite Construction by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock valued at $736,000 after buying an additional 83 shares during the period. Root Financial Partners LLC grew its holdings in Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after acquiring an additional 90 shares during the period. GAMMA Investing LLC raised its position in shares of Granite Construction by 3.0% in the 2nd 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 raised its position in shares of Granite Construction by 4.5% in the 2nd 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 lifted 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 valued at $575,000 after purchasing an additional 148 shares during the period.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, SVP Bradley Jay Williams sold 6,734 shares of the firm’s stock in a transaction 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 transaction, the senior vice president directly owned 7,041 shares of the company’s stock, valued at approximately $992,781. This trade represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the transaction, the senior vice president owned 29,787 shares of the company’s stock, valued at $4,199,967. This represents a 20.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have acquired 1,150 shares of company stock worth $156,636. Company insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GVA shares. Zacks Research upgraded Granite Construction to a “hold” rating in a report on Friday, May 29th. Oppenheimer increased 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. The Goldman Sachs Group lowered their price objective on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a research note on Friday, July 31st. Stephens assumed coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 target price on the stock. Finally, Weiss Ratings raised shares of Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Granite Construction currently has an average rating of “Moderate Buy” and a consensus price target of $158.50.

Granite Construction Stock Down 1.8%

Shares of NYSE:GVA opened at $120.36 on Tuesday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01. Granite Construction Incorporated has a 52-week low of $97.26 and a 52-week high of $162.08. The business’s 50 day simple moving average is $130.22 and its two-hundred day simple moving average is $130.71. The firm has a market cap of $5.27 billion, a P/E ratio of -27.93 and a beta of 1.33.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 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 firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The company’s revenue was up 28.8% compared to the same quarter last year. As a group, research analysts forecast that Granite Construction Incorporated will post 6.36 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction’s 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.