KWB Wealth Invests $960,000 in Granite Construction Incorporated $GVA

KWB Wealth bought a new stake in Granite Construction Incorporated (NYSE:GVA) during the second quarter, according to its most recent filing with the SEC. The firm bought 6,073 shares of the construction company’s stock, valued at approximately $960,000.

Other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd grew its position in shares of Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares during the last quarter. Root Financial Partners LLC increased its stake in shares of Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after purchasing an additional 90 shares during the period. Torren Management LLC acquired a new position in shares of Granite Construction during the 4th quarter worth about $56,000. Quarry LP lifted 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 worth $57,000 after purchasing an additional 482 shares during the last quarter. Finally, Danske Bank A S bought a new stake in Granite Construction during the 3rd quarter valued at approximately $77,000.

Granite Construction Trading Down 2.2%

Shares of GVA stock opened at $125.49 on Tuesday. The firm has a fifty day moving average of $135.48 and a 200-day moving average of $130.65. The stock has a market cap of $5.49 billion, a price-to-earnings ratio of -29.12 and a beta of 1.33. Granite Construction Incorporated has a 52-week low of $97.26 and a 52-week high of $162.08. 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 (NYSE:GVA) last posted its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The business’s revenue was up 28.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 EPS. On average, equities research analysts forecast that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction’s payout ratio is currently -12.06%.

Analyst Ratings Changes

GVA has been the topic of a number of research analyst reports. Oppenheimer raised their target price on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings downgraded shares of Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Zacks Research raised shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Finally, Stephens assumed coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an “overweight” rating and a $180.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $158.50.

Insider Buying and Selling

In other news, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction that occurred on 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 in the company, valued at approximately $4,199,967. The trade was a 20.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carlos M. Hernandez bought 400 shares of Granite Construction stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the acquisition, the director directly owned 5,033 shares in the company, valued at $624,041.67. This represents a 8.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 1,150 shares of company stock valued at $156,636 in the last ninety days. Insiders own 0.88% of the company’s stock.

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.