Algert Global LLC Raises Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• Algert Global increased its Granite Construction position by 191.7% in the second quarter, bringing its holdings to 81,120 shares worth approximately $12.8 million. Other institutions, including Marshall Wace, also significantly increased their stakes.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year, but earnings per share of $2.16 fell short of the $2.25 analyst consensus. The stock opened at $122.34, down 0.7%, with a market capitalization of roughly $5.35 billion.
• Analyst sentiment remains mixed but leans positive, with an overall “Moderate Buy” rating and an average price target of $158.50. Granite also declared a quarterly dividend of $0.13 per share, equivalent to a 0.4% annualized yield.

Algert Global LLC raised its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 191.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,120 shares of the construction company's stock after acquiring an additional 53,310 shares during the period. Algert Global LLC owned approximately 0.19% of Granite Construction worth $12,823,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in Granite Construction by 73.2% during the first quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company's stock worth $1,612,000 after purchasing an additional 9,038 shares during the period. United Services Automobile Association acquired a new stake in shares of Granite Construction during the first quarter worth about $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Granite Construction by 21.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company's stock worth $12,732,000 after purchasing an additional 29,428 shares during the period. Marshall Wace LLP raised its holdings in Granite Construction by 2,423.4% during the second quarter. Marshall Wace LLP now owns 89,882 shares of the construction company's stock worth $8,405,000 after purchasing an additional 86,320 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of Granite Construction in the 2nd quarter valued at approximately $229,000.

Insider Buying and Selling at Granite Construction

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

Granite Construction Trading Down 0.7%

NYSE GVA opened at $122.34 on Wednesday. Granite Construction Incorporated has a one year low of $97.26 and a one year high of $162.08. The company's 50 day moving average price is $132.13 and its 200 day moving average price is $130.92. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -28.38 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last announced 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 negative net margin of 3.32% and a positive return on equity of 27.83%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the firm earned $1.42 earnings per share. The company's quarterly revenue was up 28.8% on a year-over-year basis. On average, sell-side analysts predict that Granite Construction Incorporated will post 6.36 EPS for the current year.

Granite Construction Announces Dividend

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 $0.13 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction's payout ratio is -12.06%.

Analyst Ratings Changes

GVA has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of Granite Construction from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Stephens initiated coverage on Granite Construction in a research note on Friday, June 26th. They set an "overweight" rating and a $180.00 price target on the stock. Wall Street Zen lowered Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Zacks Research upgraded Granite Construction to a "hold" rating in a report on Friday, May 29th. Finally, The Goldman Sachs Group dropped their price objective on Granite Construction from $139.00 to $119.00 and set a "sell" rating for the company in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.

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