Mizuho Markets Cayman LP increased its stake in Granite Construction Incorporated (NYSE:GVA – Free Report) by 8.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 200,006 shares of the construction company’s stock after acquiring an additional 16,000 shares during the quarter. Granite Construction accounts for about 1.2% of Mizuho Markets Cayman LP’s portfolio, making the stock its 18th largest position. Mizuho Markets Cayman LP’s holdings in Granite Construction were worth $23,071,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. AlphaQuest LLC increased its stake in shares of Granite Construction by 41.5% in the third quarter. AlphaQuest LLC now owns 38,809 shares of the construction company’s stock worth $4,255,000 after buying an additional 11,385 shares during the last quarter. 12th Street Asset Management Company LLC bought a new stake in shares of Granite Construction in the third quarter worth $6,799,000. Oliver Luxxe Assets LLC bought a new stake in shares of Granite Construction in the fourth quarter worth $1,783,000. Boothbay Fund Management LLC boosted its holdings in Granite Construction by 9.1% in the third quarter. Boothbay Fund Management LLC now owns 160,331 shares of the construction company’s stock worth $17,580,000 after purchasing an additional 13,401 shares during the period. Finally, Leuthold Group LLC boosted its holdings in Granite Construction by 1,591.8% in the fourth quarter. Leuthold Group LLC now owns 45,223 shares of the construction company’s stock worth $5,216,000 after purchasing an additional 42,550 shares during the period.
Granite Construction Price Performance
Shares of NYSE GVA opened at $130.06 on Friday. Granite Construction Incorporated has a fifty-two week low of $85.01 and a fifty-two week high of $145.00. The firm’s 50-day simple moving average is $127.10 and its 200 day simple moving average is $121.19. 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 cap of $5.69 billion, a P/E ratio of 37.48 and a beta of 1.35.
Insider Transactions at Granite Construction
In related news, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction dated Friday, March 27th. The shares were sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the sale, the chief executive officer directly owned 114,881 shares in the company, valued at $13,569,743.72. The trade was a 18.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the sale, the chief financial officer owned 18,954 shares in the company, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 35,488 shares of company stock worth $4,207,042. Company insiders own 1.00% of the company’s stock.
Wall Street Analyst Weigh In
GVA has been the subject of a number of research reports. The Goldman Sachs Group lifted their price objective on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Weiss Ratings downgraded shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Finally, DA Davidson lifted their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Granite Construction currently has a consensus rating of “Hold” and a consensus price target of $139.50.
View Our Latest Research Report on GVA
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.
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