Systematic Financial Management LP Lowers Stake in Granite Construction Incorporated $GVA

Systematic Financial Management LP lowered its holdings in Granite Construction Incorporated (NYSE:GVA) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 535,889 shares of the construction company’s stock after selling 16,635 shares during the quarter. Granite Construction accounts for about 1.5% of Systematic Financial Management LP’s investment portfolio, making the stock its 9th biggest position. Systematic Financial Management LP owned about 1.23% of Granite Construction worth $61,815,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in Granite Construction in the third quarter valued at about $26,000. Newbridge Financial Services Group Inc. bought a new stake in Granite Construction in the fourth quarter valued at about $29,000. Spire Wealth Management bought a new stake in Granite Construction in the fourth quarter valued at about $46,000. Federated Hermes Inc. increased its stake in Granite Construction by 94.6% in the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after acquiring an additional 212 shares during the period. Finally, Torren Management LLC bought a new stake in Granite Construction in the fourth quarter valued at about $56,000.

Insider Activity at Granite Construction

In other news, CEO Kyle T. Larkin sold 26,651 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $13,569,743.72. This represents a 18.83% 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, CFO Staci M. Woolsey sold 1,523 shares of the stock in a transaction that occurred on 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 directly owned 18,954 shares in the company, valued at $2,271,447.36. This trade represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,488 shares of company stock worth $4,207,042 over the last three months. 1.00% of the stock is owned by insiders.

Granite Construction Price Performance

Shares of Granite Construction stock opened at $130.06 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 37.48 and a beta of 1.35. Granite Construction Incorporated has a 1-year low of $85.01 and a 1-year high of $145.00. The firm’s 50-day moving average price is $127.10 and its two-hundred day moving average price is $121.19.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.77) by $1.03. The firm had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 earnings per share.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GVA. DA Davidson upped their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. The Goldman Sachs Group upped their price objective on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings cut shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $139.50.

Granite Construction 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.