KWB Wealth Makes New $960,000 Investment in Granite Construction Incorporated $GVA

KWB Wealth purchased a new stake in Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,073 shares of the construction company’s stock, valued at approximately $960,000.

A number of other institutional investors and hedge funds also recently modified their holdings of GVA. First Trust Advisors LP raised its position in shares of Granite Construction by 52.8% during the first quarter. First Trust Advisors LP now owns 1,397,573 shares of the construction company’s stock worth $167,541,000 after purchasing an additional 483,080 shares during the period. UBS Group AG increased its stake in Granite Construction by 262.8% in the 4th quarter. UBS Group AG now owns 647,589 shares of the construction company’s stock worth $74,699,000 after purchasing an additional 469,079 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Granite Construction by 254.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 503,906 shares of the construction company’s stock worth $58,126,000 after buying an additional 361,741 shares during the period. Norges Bank acquired a new stake in Granite Construction during the 4th quarter worth about $36,405,000. Finally, Qube Research & Technologies Ltd lifted its stake in Granite Construction by 87.5% during the third quarter. Qube Research & Technologies Ltd now owns 556,054 shares of the construction company’s stock valued at $60,971,000 after buying an additional 259,477 shares in the last quarter.

Granite Construction Trading Down 2.2%

NYSE:GVA opened at $125.49 on Tuesday. The stock’s 50 day moving average price is $135.48 and its 200 day moving average price is $130.65. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08. The company has a market capitalization of $5.49 billion, a P/E ratio of -29.12 and a beta of 1.33. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.09). The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. Granite Construction’s revenue was up 28.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.42 EPS. On average, research analysts forecast that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.13 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio (DPR) is currently -12.06%.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction on Monday, June 8th. The shares were 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 of the company’s stock, valued at $992,781. This represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carlos M. Hernandez bought 400 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the acquisition, the director owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. This represents a 8.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 1,150 shares of company stock worth $156,636 over the last quarter. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GVA shares. Zacks Research raised shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. The Goldman Sachs Group reduced their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a research report on Friday, July 31st. Oppenheimer increased their price target on shares of Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Stephens began coverage on shares of Granite Construction in a report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target for the company. Finally, Weiss Ratings downgraded shares of Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.