Legato Capital Management LLC Takes Position in Granite Construction Incorporated $GVA

Legato Capital Management LLC purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the 4th quarter, HoldingsChannel reports. The fund purchased 3,977 shares of the construction company’s stock, valued at approximately $459,000.

Other hedge funds also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in shares of Granite Construction during the 3rd quarter valued at $26,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Granite Construction during the 4th quarter valued at $29,000. Spire Wealth Management acquired a new position in shares of Granite Construction during the 4th quarter valued at $46,000. Federated Hermes Inc. increased its position in shares of Granite Construction by 94.6% during the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after purchasing an additional 212 shares during the period. Finally, Torren Management LLC acquired a new position in shares of Granite Construction during the 4th quarter valued at $56,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings cut Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. DA Davidson lifted their target price on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Finally, The Goldman Sachs Group lifted their target price on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $139.50.

Granite Construction Stock Performance

Shares of NYSE GVA opened at $134.98 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 38.90 and a beta of 1.35. The stock’s fifty day simple moving average is $127.72 and its 200 day simple moving average is $121.98. Granite Construction Incorporated has a 52-week low of $87.72 and a 52-week high of $145.00.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The business had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The company’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.01 EPS.

Insider Buying and Selling at Granite Construction

In other news, CFO Staci M. Woolsey sold 1,523 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the sale, the chief financial officer owned 18,954 shares of the company’s stock, valued at $2,271,447.36. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kyle T. Larkin sold 26,651 shares of the firm’s stock in a transaction on Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the sale, the chief executive officer directly owned 114,881 shares of the company’s stock, valued at approximately $13,569,743.72. This trade represents a 18.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 35,488 shares of company stock valued at $4,207,042. 1.00% of the stock is currently owned by insiders.

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.