Great Lakes Advisors LLC Acquires Shares of 32,287 Granite Construction Incorporated $GVA

Great Lakes Advisors LLC bought a new position in Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 32,287 shares of the construction company’s stock, valued at approximately $5,104,000.

Other institutional investors have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd increased its holdings in shares of Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. Root Financial Partners LLC boosted its stake in Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after purchasing an additional 90 shares in the last quarter. Torren Management LLC purchased a new stake in Granite Construction during the 4th quarter valued at about $56,000. Quarry LP grew its position in 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 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 about $77,000.

Granite Construction Stock Performance

Shares of GVA stock opened at $126.33 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The company has a 50 day moving average price of $133.59 and a 200-day moving average price of $130.91. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08. The firm has a market capitalization of $5.53 billion, a PE ratio of -29.31 and a beta of 1.33.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data 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). Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the company earned $1.42 EPS. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. As a group, equities research analysts expect that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid 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%.

Wall Street Analyst Weigh In

GVA has been the topic of several analyst reports. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. Oppenheimer upped their price objective on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings downgraded Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group reduced their target price on Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a report on Friday, July 31st. Finally, Stephens started coverage on Granite Construction in a research note on Friday, June 26th. They issued an “overweight” rating and a $180.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Granite Construction currently has a consensus rating of “Hold” and an average target price of $158.50.

Insider Transactions at Granite Construction

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 transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at approximately $992,781. This represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was 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 directly owned 29,787 shares in the company, valued at $4,199,967. The trade was a 20.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have bought 1,150 shares of company stock valued at $156,636. Corporate 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.