Granite Construction Incorporated $GVA Shares Bought by Hood River Capital Management LLC

Hood River Capital Management LLC lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 36.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 647,093 shares of the construction company’s stock after purchasing an additional 173,237 shares during the period. Hood River Capital Management LLC owned about 1.48% of Granite Construction worth $60,510,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. LPL Financial LLC lifted its stake in Granite Construction by 0.4% during the first quarter. LPL Financial LLC now owns 44,934 shares of the construction company’s stock worth $3,388,000 after purchasing an additional 195 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of 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 purchasing an additional 398 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Granite Construction in the 1st quarter worth about $223,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Granite Construction in the 1st quarter valued at about $3,972,000. Finally, Sierra Summit Advisors LLC bought a new stake in shares of Granite Construction during the 1st quarter valued at about $593,000.

Granite Construction Trading Down 0.2%

Shares of GVA stock opened at $108.05 on Monday. The stock has a 50-day simple moving average of $104.90 and a 200 day simple moving average of $100.85. The stock has a market capitalization of $4.72 billion, a P/E ratio of 31.14 and a beta of 1.33. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $112.16. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, November 6th. The construction company reported $2.70 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.14. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.51 billion. Granite Construction had a net margin of 4.31% and a return on equity of 24.04%. Granite Construction’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.05 EPS. On average, sell-side analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 30th. Granite Construction’s dividend payout ratio is currently 14.99%.

Insider Buying and Selling at Granite Construction

In related news, Director Celeste Beeks Mastin sold 7,614 shares of Granite Construction 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 of the company’s stock, valued at approximately $1,073,977.38. This trade represents a 42.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on GVA. Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a research note on Monday, December 1st. Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday. DA Davidson raised their price target on shares of Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Zacks Research lowered Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. Finally, The Goldman Sachs Group initiated coverage on Granite Construction in a report on Monday, November 24th. They set a “neutral” rating and a $109.00 price target on the stock. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Granite Construction presently has an average rating of “Hold” and a consensus price target of $119.50.

Granite Construction Company 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.