3,977 Shares in Granite Construction Incorporated $GVA Acquired by Legato Capital Management LLC

Legato Capital Management LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,977 shares of the construction company’s stock, valued at approximately $459,000.

Several other hedge funds have also made changes to their positions in GVA. Root Financial Partners LLC bought a new stake in shares of Granite Construction in the 3rd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Granite Construction in the 4th quarter worth approximately $29,000. Spire Wealth Management bought a new stake in shares of Granite Construction in the 4th quarter worth approximately $46,000. Federated Hermes Inc. lifted its holdings in shares of Granite Construction by 94.6% in the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after purchasing an additional 212 shares during the last quarter. Finally, Torren Management LLC bought a new stake in shares of Granite Construction in the 4th quarter worth approximately $56,000.

Insider Activity at Granite Construction

In other news, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total transaction of $182,516.32. Following the transaction, the chief financial officer directly owned 18,954 shares in the company, valued at approximately $2,271,447.36. This trade represents a 7.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total value of $3,148,016.12. Following the transaction, the chief executive officer owned 114,881 shares in the company, valued at approximately $13,569,743.72. This trade represents a 18.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 35,488 shares of company stock worth $4,207,042. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GVA has been the topic of several recent research reports. Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. The Goldman Sachs Group raised their price target on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. DA Davidson raised their price target on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Granite Construction presently has an average rating of “Hold” and a consensus target price of $139.50.

Granite Construction Stock Up 1.1%

GVA opened at $134.98 on Thursday. Granite Construction Incorporated has a 12 month low of $87.72 and a 12 month high of $145.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The stock has a market cap of $5.91 billion, a P/E ratio of 38.90 and a beta of 1.35. The stock’s 50 day moving average price is $127.72 and its 200 day moving average price is $121.98.

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

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.