Independent Financial Group LLC acquired a new stake in Granite Construction Incorporated (NYSE:GVA – Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,388 shares of the construction company’s stock, valued at approximately $766,000.
Other large investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd lifted its stake in shares of Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new position in Granite Construction in the 4th quarter valued at about $29,000. Spire Wealth Management acquired a new stake in Granite Construction during the fourth quarter worth approximately $46,000. Root Financial Partners LLC lifted its position in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after acquiring an additional 90 shares during the last quarter. Finally, Torren Management LLC bought a new stake in shares of Granite Construction during the fourth quarter worth approximately $56,000.
Insider Transactions at Granite Construction
In related news, SVP Bradley Jay Williams sold 6,734 shares of the business’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 $949,494.00. Following the completion of the transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. The trade was a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Timothy Romer acquired 375 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average cost of $143.65 per share, with a total value of $53,868.75. Following the transaction, the director directly owned 2,801 shares of the company’s stock, valued at $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.88% of the stock is currently owned by insiders.
Granite Construction Stock Up 2.2%
Granite Construction (NYSE:GVA – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $1.03. The business had revenue of $912.47 million during 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 firm’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 earnings per share. Equities research analysts forecast that Granite Construction Incorporated will post 6.14 EPS for the current year.
Granite Construction Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.13 per share. 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 is presently 14.99%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on GVA. Oppenheimer started coverage on Granite Construction in a research note on Thursday, May 28th. They set an “outperform” rating and a $170.00 target price on the stock. Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Stephens started coverage on Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price objective on the stock. Finally, Weiss Ratings raised Granite Construction from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.00.
Get Our Latest Stock Analysis on GVA
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.
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