Paralel Advisors LLC Purchases Shares of 19,268 Granite Construction Incorporated $GVA

Paralel Advisors LLC purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,268 shares of the construction company’s stock, valued at approximately $3,046,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System raised its holdings in shares of Granite Construction by 1.3% in the 4th quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Root Financial Partners LLC grew its holdings in shares of Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after purchasing an additional 90 shares during the period. GAMMA Investing LLC increased its position in Granite Construction by 3.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company’s stock worth $572,000 after purchasing an additional 107 shares in the last quarter. Evergreen Capital Management LLC increased its position in Granite Construction by 4.5% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock worth $263,000 after purchasing an additional 120 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in Granite Construction by 3.1% in the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock valued at $575,000 after buying an additional 148 shares during the period.

Insider Activity

In other news, Director Carlos M. Hernandez bought 400 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the purchase, the director owned 5,033 shares of the company’s stock, valued at $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Bradley Jay Williams sold 6,734 shares of the firm’s 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 sale, the senior vice president directly owned 7,041 shares of the company’s stock, valued at approximately $992,781. The trade was a 48.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired a total of 1,150 shares of company stock valued at $156,636 over the last ninety days. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GVA has been the topic of a number of recent research reports. The Goldman Sachs Group reduced 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. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. Stephens started coverage on shares of Granite Construction in a report on Friday, June 26th. They set an “overweight” rating and a $180.00 target price on the stock. Finally, Oppenheimer upped 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $158.50.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $123.15 on Friday. The business’s 50-day simple moving average is $133.28 and its 200 day simple moving average is $130.93. The company has a market cap of $5.39 billion, a P/E ratio of -28.57 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 Incorporated has a one year low of $97.26 and a one year high of $162.08.

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). Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the company earned $1.42 EPS. The firm’s revenue was up 28.8% compared to the same quarter last year. On average, sell-side analysts forecast that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

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

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.