PDT Partners LLC Makes New $11.42 Million Investment in Granite Construction Incorporated $GVA

PDT Partners LLC bought a new stake in Granite Construction Incorporated (NYSE:GVA) during the second quarter, Holdings Channel.com reports. The firm bought 72,265 shares of the construction company’s stock, valued at approximately $11,424,000.

Several other large investors have also modified their holdings of GVA. Hill City Capital LP acquired a new stake in Granite Construction in the 2nd quarter valued at approximately $175,508,000. First Trust Advisors LP raised its position in Granite Construction by 52.8% in the first quarter. First Trust Advisors LP now owns 1,397,573 shares of the construction company’s stock valued at $167,541,000 after purchasing an additional 483,080 shares during the period. UBS Group AG lifted its stake in Granite Construction by 262.8% during the fourth quarter. UBS Group AG now owns 647,589 shares of the construction company’s stock worth $74,699,000 after purchasing an additional 469,079 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Granite Construction by 254.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 503,906 shares of the construction company’s stock worth $58,126,000 after purchasing an additional 361,741 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Granite Construction during the fourth quarter worth $36,405,000.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GVA. Wall Street Zen cut Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. The Goldman Sachs Group decreased their target price on Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research note on Friday, July 31st. Zacks Research upgraded Granite Construction to a “hold” rating in a report on Friday, May 29th. Stephens initiated coverage on Granite Construction in a research report on Friday, June 26th. They issued an “overweight” rating and a $180.00 target price for the company. Finally, Oppenheimer boosted their price target on shares of Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $158.50.

Insider Buying and Selling

In other Granite Construction news, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total value of $949,494.00. Following the sale, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. This trade represents a 48.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value 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 $4,199,967. The trade was a 20.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders bought 1,150 shares of company stock valued at $156,636. Company insiders own 0.88% of the company’s stock.

Granite Construction Stock Performance

Shares of GVA stock opened at $122.34 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08. The stock has a market capitalization of $5.35 billion, a PE ratio of -28.38 and a beta of 1.33. The firm has a 50 day moving average of $132.13 and a two-hundred day moving average of $130.92.

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 the consensus estimate of $2.25 by ($0.09). Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm earned $1.42 EPS. The business’s revenue was up 28.8% on a year-over-year basis. On average, research analysts predict that Granite Construction Incorporated will post 6.36 EPS for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid 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 payout ratio is presently -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.