UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Position in Granite Construction Incorporated $GVA

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in Granite Construction Incorporated (NYSE:GVA) by 8.1% in the second quarter, Holdings Channel reports. The fund owned 118,598 shares of the construction company’s stock after selling 10,469 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Granite Construction were worth $18,748,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Maryland State Retirement & Pension System lifted its position in Granite Construction by 1.3% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock worth $736,000 after buying an additional 83 shares in the last quarter. Root Financial Partners LLC grew its holdings in Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after buying an additional 90 shares in the last quarter. GAMMA Investing LLC grew its holdings in Granite Construction by 3.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company’s stock valued at $572,000 after buying an additional 107 shares in the last quarter. Evergreen Capital Management LLC increased its stake in shares of Granite Construction by 4.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock worth $263,000 after acquiring an additional 120 shares during the last quarter. Finally, Corient Private Wealth LLC increased its stake in shares of Granite Construction by 3.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock worth $575,000 after acquiring an additional 148 shares during the last quarter.

Insider Activity at Granite Construction

In related news, Director Carlos M. Hernandez purchased 400 shares of Granite Construction stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $123.99 per share, with a total value of $49,596.00. Following the purchase, the director owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. The trade was a 8.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Timothy Romer acquired 375 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were bought 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 in the company, valued at $402,363.65. This trade represents a 15.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 1,150 shares of company stock worth $156,636. 0.88% of the stock is owned by corporate insiders.

Granite Construction Price Performance

NYSE:GVA opened at $119.26 on Friday. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08. The stock’s fifty day moving average is $127.34 and its two-hundred day moving average is $130.37. The company has a market capitalization of $5.22 billion, a P/E ratio of -27.67 and a beta of 1.32. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 earnings per share. Equities analysts expect that Granite Construction Incorporated will post 6.36 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GVA shares. The Goldman Sachs Group lowered their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research report on Friday, July 31st. Stephens started coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an “overweight” rating and a $180.00 target price on the stock. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Oppenheimer increased their price target on shares of Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Granite Construction currently has an average rating of “Hold” and an average price target of $158.50.

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.