9,674 Shares in Granite Construction Incorporated $GVA Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 9,674 shares of Granite Construction worth approximately $1.16 million in the first quarter, while several other institutional investors also increased or initiated positions.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year and above estimates, but its $2.16 EPS missed consensus by $0.09. Analysts expect full-year EPS of $6.14.
• The stock opened at $127.99, while analyst sentiment remained mixed with an overall “Hold” rating and a consensus price target of $158.50; the company also maintains a quarterly dividend of $0.13 per share.

Empowered Funds LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,674 shares of the construction company's stock, valued at approximately $1,160,000.

A number of other large investors have also made changes to their positions in GVA. Quantinno Capital Management LP lifted its position in shares of Granite Construction by 39.1% in the first quarter. Quantinno Capital Management LP now owns 11,405 shares of the construction company's stock valued at $1,367,000 after acquiring an additional 3,207 shares in the last quarter. Entropy Technologies LP purchased a new position in Granite Construction in the 1st quarter worth about $473,000. Arrowstreet Capital Limited Partnership bought a new stake in Granite Construction during the 1st quarter valued at $25,562,000. Caxton Associates LLP lifted its position in shares of Granite Construction by 9.7% in the 1st quarter. Caxton Associates LLP now owns 24,928 shares of the construction company's stock worth $2,988,000 after purchasing an additional 2,195 shares during the period. Finally, Inceptionr LLC bought a new stake in Granite Construction during the first quarter valued at about $654,000.

Insider Transactions at Granite Construction

In other Granite Construction news, Director John Timothy Romer bought 375 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, with a total value of $53,868.75. Following the transaction, the director owned 2,801 shares in the company, valued at $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carlos M. Hernandez bought 400 shares of the business'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 purchase, the director owned 5,033 shares in the company, valued at approximately $624,041.67. This trade represents a 8.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 1,150 shares of company stock worth $156,636 over the last 90 days. Company insiders own 0.88% of the company's stock.

Granite Construction Stock Up 5.3%

GVA opened at $127.99 on Friday. The company has a market cap of $5.60 billion, a price-to-earnings ratio of -29.70 and a beta of 1.33. Granite Construction Incorporated has a one year low of $97.26 and a one year high of $162.08. The business's fifty day moving average is $135.70 and its two-hundred day moving average is $130.55. 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 - Get Free Report) last posted 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). Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business earned $1.42 EPS. The firm's revenue was up 28.8% on a year-over-year basis. Analysts anticipate that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GVA shares. Stephens initiated coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an "overweight" rating and a $180.00 price objective for the company. Oppenheimer increased their price objective on Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings lowered shares of Granite Construction from a "hold (c)" rating to a "sell (d+)" rating in a report on Tuesday. Wall Street Zen lowered shares of Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Zacks Research raised shares of Granite Construction to a "hold" rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average 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.

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