Frontier Capital Management Co. LLC Buys 171,904 Shares of Granite Construction Incorporated $GVA

Frontier Capital Management Co. LLC boosted its stake in Granite Construction Incorporated (NYSE:GVA) by 14.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,370,029 shares of the construction company’s stock after purchasing an additional 171,904 shares during the quarter. Granite Construction comprises 1.2% of Frontier Capital Management Co. LLC’s portfolio, making the stock its 7th largest position. Frontier Capital Management Co. LLC owned about 3.13% of Granite Construction worth $128,111,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Atria Investments Inc acquired a new stake in shares of Granite Construction during the 2nd quarter worth $301,000. Geode Capital Management LLC grew its position in Granite Construction by 0.8% during the second quarter. Geode Capital Management LLC now owns 1,037,916 shares of the construction company’s stock valued at $97,066,000 after acquiring an additional 7,979 shares during the period. PNC Financial Services Group Inc. increased its stake in Granite Construction by 4.9% during the first quarter. PNC Financial Services Group Inc. now owns 8,539 shares of the construction company’s stock worth $644,000 after acquiring an additional 398 shares during the last quarter. CenterBook Partners LP raised its holdings in shares of Granite Construction by 34.6% in the 2nd quarter. CenterBook Partners LP now owns 34,210 shares of the construction company’s stock worth $3,199,000 after purchasing an additional 8,793 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Granite Construction by 4.0% in the 2nd quarter. First Trust Advisors LP now owns 1,221,031 shares of the construction company’s stock valued at $114,179,000 after purchasing an additional 46,552 shares in the last quarter.

Insider Activity at Granite Construction

In related news, Director Celeste Beeks Mastin sold 7,614 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $105.23, for a total value of $801,221.22. Following the transaction, the director owned 10,206 shares in the company, valued at approximately $1,073,977.38. The trade was a 42.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research report on Monday. Wall Street Zen upgraded shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Zacks Research downgraded shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 12th. The Goldman Sachs Group initiated coverage on shares of Granite Construction in a report on Monday, November 24th. They set a “neutral” rating and a $109.00 target price on the stock. Finally, DA Davidson increased their price target on Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $119.50.

Granite Construction Price Performance

Shares of GVA stock opened at $111.29 on Thursday. The firm has a fifty day simple moving average of $104.93 and a 200-day simple moving average of $101.22. The company has a market capitalization of $4.86 billion, a PE ratio of 32.07 and a beta of 1.33. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $112.17. The company has a current ratio of 1.21, a quick ratio of 1.12 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.14. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.51 billion. Granite Construction had a net margin of 4.31% and a return on equity of 24.04%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 EPS. Equities research analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.