Capital Fund Management S.A. Takes Position in Granite Construction Inc. (GVA)
Capital Fund Management S.A. acquired a new position in Granite Construction Inc. (NYSE:GVA) during the second quarter, Holdings Channel reports. The firm acquired 18,100 shares of the company’s stock, valued at approximately $824,000.
A number of other institutional investors also recently bought and sold shares of the company. Cutler Group LP bought a new position in Granite Construction during the first quarter worth approximately $100,000. LS Investment Advisors LLC raised its position in Granite Construction by 76.1% in the second quarter. LS Investment Advisors LLC now owns 2,453 shares of the company’s stock worth $112,000 after buying an additional 1,060 shares during the period. Aperio Group LLC raised its position in Granite Construction by 26.9% in the first quarter. Aperio Group LLC now owns 9,882 shares of the company’s stock worth $472,000 after buying an additional 2,095 shares during the period. Adams Diversified Equity Fund Inc. bought a new position in Granite Construction during the second quarter worth approximately $478,000. Finally, Huntington Asset Advisors Inc. bought a new position in Granite Construction during the first quarter worth approximately $526,000. Hedge funds and other institutional investors own 93.18% of the company’s stock.
Shares of Granite Construction Inc. (NYSE:GVA) traded down 0.04% on Monday, reaching $48.45. The company had a trading volume of 174,487 shares. The company’s 50-day moving average is $48.10 and its 200-day moving average is $46.49. Granite Construction Inc. has a one year low of $30.14 and a one year high of $51.35. The company has a market capitalization of $1.92 billion, a PE ratio of 31.16 and a beta of 1.49.
Granite Construction (NYSE:GVA) last issued its earnings results on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.12. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. During the same period in the previous year, the firm earned $0.24 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts predict that Granite Construction Inc. will post $1.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.07%. Granite Construction’s payout ratio is 33.33%.
A number of equities research analysts have weighed in on GVA shares. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. MKM Partners raised their target price on Granite Construction from $51.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and raised their target price for the company from $49.00 to $60.00 in a report on Monday, August 1st. DA Davidson reaffirmed a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Finally, Janney Montgomery Scott reaffirmed a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $53.70.
In other Granite Construction news, Director David H. Kelsey sold 1,113 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total transaction of $56,863.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Hildebrand Roberts sold 6,612 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $49.18, for a total transaction of $325,178.16. Following the completion of the transaction, the director now directly owns 51,705 shares in the company, valued at approximately $2,542,851.90. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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