21,437 Shares in Granite Construction Incorporated $GVA Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners LP initiated a position in Granite Construction, purchasing 21,437 shares worth approximately $2.49 million in the third quarter.
• Granite reported quarterly EPS of $3.81, beating the $3.27 consensus estimate, while revenue of $1.77 billion exceeded forecasts and rose 23.5% year over year.
• Analyst views are mixed: Granite has a consensus “Hold” rating and a $159.75 price target, with ratings ranging from Strong Buy to Sell.

CenterBook Partners LP bought a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 21,437 shares of the construction company's stock, valued at approximately $2,485,000.

A number of other large investors also recently made changes to their positions in GVA. GAMMA Investing LLC raised its position in shares of Granite Construction by 3.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company's stock valued at $572,000 after buying an additional 107 shares in the last quarter. Tectonic Advisors LLC grew its holdings in shares of Granite Construction by 10.1% during the 3rd quarter. Tectonic Advisors LLC now owns 1,739 shares of the construction company's stock valued at $202,000 after purchasing an additional 160 shares during the last quarter. Fortitude Family Office LLC grew its holdings in shares of Granite Construction by 696.4% during the 3rd quarter. Fortitude Family Office LLC now owns 223 shares of the construction company's stock valued at $26,000 after purchasing an additional 195 shares during the last quarter. Lido Advisors LLC increased its position in Granite Construction by 5.7% during the 1st quarter. Lido Advisors LLC now owns 3,961 shares of the construction company's stock worth $475,000 after purchasing an additional 213 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new position in Granite Construction during the 3rd quarter worth approximately $26,000.

Granite Construction Stock Performance

Shares of GVA stock opened at $120.54 on Monday. The stock has a market capitalization of $5.32 billion, a PE ratio of -19.38 and a beta of 1.41. The business's 50 day simple moving average is $116.14 and its 200 day simple moving average is $126.53. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.11 and a quick ratio of 1.02. Granite Construction Incorporated has a one year low of $97.26 and a one year high of $162.08.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $3.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.54. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.70 billion. Granite Construction had a negative net margin of 4.99% and a positive return on equity of 33.79%. The company's revenue was up 23.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.98 EPS. As a group, research analysts forecast that Granite Construction Incorporated will post 6.89 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.13 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction's payout ratio is presently -8.36%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Oppenheimer boosted 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 upped their price target on shares of Granite Construction from $110.00 to $124.00 and gave the stock a "sell" rating in a report on Monday, November 2nd. Finally, Weiss Ratings cut Granite Construction from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Granite Construction currently has a consensus rating of "Hold" and a consensus price target of $159.75.

About Granite Construction

Granite Construction Incorporated is a civil infrastructure contractor and construction materials producer headquartered in Watsonville, California. Founded in 1922, the company serves public and private customers across the United States, with a long-standing presence in the western U.S.

Its construction business plans and builds infrastructure projects, including highways, bridges, airports, rail and transit facilities, water and wastewater systems, and other public works. Granite also provides related services such as site preparation, grading, and underground utility construction.

Through its materials operations, the company produces and sells aggregates, asphalt concrete, and other construction materials.

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