Inceptionr LLC Invests $654,000 in Granite Construction Incorporated $GVA

Inceptionr LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,455 shares of the construction company’s stock, valued at approximately $654,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd increased its position in Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after acquiring an additional 200 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in Granite Construction during the fourth quarter worth approximately $29,000. Spire Wealth Management acquired a new stake in Granite Construction during the fourth quarter worth approximately $46,000. Root Financial Partners LLC raised 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 acquiring an additional 90 shares in the last quarter. Finally, Torren Management LLC bought a new stake in shares of Granite Construction during the 4th quarter valued at $56,000.

Insider Activity at Granite Construction

In other Granite Construction news, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the transaction, the senior vice president directly owned 7,041 shares in the company, valued at approximately $992,781. This represents a 48.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Timothy Romer acquired 375 shares of the stock in a transaction dated Monday, June 15th. The stock was bought at an average price of $143.65 per share, with a total value of $53,868.75. Following the purchase, the director directly owned 2,801 shares in the company, valued at $402,363.65. This represents a 15.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.88% of the stock is owned by corporate insiders.

Granite Construction Price Performance

Shares of GVA opened at $124.22 on Friday. Granite Construction Incorporated has a 1 year low of $89.80 and a 1 year high of $162.08. 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 company has a market capitalization of $5.43 billion, a price-to-earnings ratio of 35.80 and a beta of 1.29. The business has a 50-day moving average of $137.97 and a 200-day moving average of $130.50.

Granite Construction (NYSE:GVA) last announced 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. The business had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm’s revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 earnings per share. As a group, equities research analysts anticipate that Granite Construction Incorporated will post 6.14 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction’s dividend payout ratio is 14.99%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GVA shares. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings downgraded shares of Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Oppenheimer started coverage on Granite Construction in a research note on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price target for the company. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $139.00 price objective (down from $141.00) on shares of Granite Construction in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Granite Construction has a consensus rating of “Moderate Buy” and an average target price of $161.00.

About Granite Construction

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.