PDT Partners LLC Invests $11.42 Million in Granite Construction Incorporated $GVA

PDT Partners LLC purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 72,265 shares of the construction company’s stock, valued at approximately $11,424,000. PDT Partners LLC owned about 0.17% of Granite Construction as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GVA. Aster Capital Management DIFC Ltd increased its stake in Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares in the last quarter. Root Financial Partners LLC raised its holdings in shares of Granite Construction by 30.9% during the first 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 during the last quarter. Torren Management LLC purchased a new position in shares of Granite Construction in the fourth quarter valued at approximately $56,000. Quarry LP lifted its position in shares of Granite Construction by 1,417.6% in the third quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Finally, Danske Bank A S purchased a new position in shares of Granite Construction in the third quarter valued at approximately $77,000.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 7,500 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $1,057,500.00. Following the completion of the sale, the senior vice president owned 29,787 shares of the company’s stock, valued at approximately $4,199,967. This represents a 20.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John Timothy Romer acquired 375 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the transaction, the director owned 2,801 shares of the company’s stock, valued at $402,363.65. The trade was a 15.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 1,150 shares of company stock worth $156,636 in the last quarter. 0.88% of the stock is currently owned by insiders.

Granite Construction Price Performance

GVA stock opened at $122.34 on Wednesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. The business has a 50 day simple moving average of $132.13 and a 200-day simple moving average of $130.92. The firm has a market capitalization of $5.35 billion, a PE ratio of -28.38 and a beta of 1.33. Granite Construction Incorporated has a 1 year low of $97.26 and a 1 year high of $162.08.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The business’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 EPS. Equities research analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.13 dividend. The ex-dividend date of this dividend 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 -12.06%.

Analyst Upgrades and Downgrades

Several analysts recently commented on GVA shares. Zacks Research upgraded Granite Construction to a “hold” rating in a research report on Friday, May 29th. Stephens assumed coverage on Granite Construction in a report on Friday, June 26th. They issued an “overweight” rating and a $180.00 price objective on the stock. Oppenheimer lifted their target price on shares of Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. The Goldman Sachs Group dropped their target price on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating for the company in a report on Friday, July 31st. Finally, Weiss Ratings raised shares of Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $158.50.

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.