Quantbot Technologies LP Purchases Shares of 53,047 Granite Construction Incorporated $GVA

Quantbot Technologies LP acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 53,047 shares of the construction company’s stock, valued at approximately $8,386,000. Quantbot Technologies LP owned 0.12% of Granite Construction at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in Granite Construction by 73.2% in the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock valued at $1,612,000 after buying an additional 9,038 shares during the period. United Services Automobile Association bought a new position in Granite Construction in the first quarter valued at approximately $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Granite Construction by 21.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company’s stock valued at $12,732,000 after purchasing an additional 29,428 shares in the last quarter. Marshall Wace LLP raised its position in Granite Construction by 2,423.4% during the second quarter. Marshall Wace LLP now owns 89,882 shares of the construction company’s stock valued at $8,405,000 after purchasing an additional 86,320 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Granite Construction during the second quarter worth $229,000.

Insider Transactions at Granite Construction

In other news, Director John Timothy Romer acquired 375 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were acquired at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the purchase, the director owned 2,801 shares of the company’s stock, valued at approximately $402,363.65. The trade was a 15.46% increase in their position. 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 the stock in a transaction on 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 sale, the senior vice president owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have acquired a total of 1,150 shares of company stock worth $156,636 in the last ninety days. Company insiders own 0.88% of the company’s stock.

Granite Construction Trading Up 0.9%

Shares of Granite Construction stock opened at $124.08 on Friday. The company has a market capitalization of $5.43 billion, a P/E ratio of -28.79 and a beta of 1.33. The stock has a fifty day simple moving average of $132.95 and a 200 day simple moving average of $130.88. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46.

Granite Construction (NYSE:GVA) last released its quarterly 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). 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 period in the previous year, the business earned $1.42 earnings per share. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. On average, sell-side analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently disclosed 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 was Tuesday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction’s dividend payout ratio is presently -12.06%.

Analyst Ratings Changes

Several research analysts have commented on the company. Oppenheimer boosted their target price on Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings raised shares of Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Stephens started coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price objective for the company. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $158.50.

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.