B. Metzler seel. Sohn & Co. AG Invests $1.50 Million in Granite Construction Incorporated $GVA

Key Points

• B. Metzler seel. Sohn & Co. AG initiated a $1.50 million position in Granite Construction during the second quarter by purchasing 9,457 shares. Several other institutional investors also increased or established positions in the company.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year and above expectations, but earnings of $2.16 per share missed consensus estimates of $2.25. The company maintains a $0.13 quarterly dividend, equivalent to a 0.4% yield.
• Analyst opinions remain mixed, though the stock carries a consensus “Moderate Buy” rating with a $158.50 price target. Insider activity was mixed, with a director buying shares while a senior vice president sold 7,500 shares.

B. Metzler seel. Sohn & Co. AG bought a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,457 shares of the construction company's stock, valued at approximately $1,495,000.

A number of other hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC increased its position in Granite Construction by 73.2% during the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company's stock valued at $1,612,000 after purchasing an additional 9,038 shares during the period. United Services Automobile Association purchased a new position in shares of Granite Construction during the first quarter valued at about $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 valued at $12,732,000 after buying an additional 29,428 shares during the period. Marshall Wace LLP raised its stake in Granite Construction by 2,423.4% in the second quarter. Marshall Wace LLP now owns 89,882 shares of the construction company's stock worth $8,405,000 after buying an additional 86,320 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in Granite Construction in the second quarter worth about $229,000.

Insider Activity

In other news, Director Carlos M. Hernandez purchased 400 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the acquisition, the director directly owned 5,033 shares in the company, valued at $624,041.67. This represents a 8.63% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael G. Tatusko sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the sale, the senior vice president directly owned 29,787 shares of the company's stock, valued at $4,199,967. This trade represents a 20.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have bought 1,150 shares of company stock worth $156,636. Corporate insiders own 0.88% of the company's stock.

Granite Construction Stock Performance

Shares of GVA opened at $124.08 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The stock has a market cap of $5.43 billion, a P/E ratio of -28.79 and a beta of 1.33. The business's 50 day moving average price is $132.95 and its 200-day moving average price is $130.93. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 earnings per share (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 negative net margin of 3.32% and a positive return on equity of 27.83%. The firm's quarterly revenue was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 company also recently announced 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 was Tuesday, June 30th. Granite Construction's dividend payout ratio is currently -12.06%.

Analyst Ratings Changes

GVA has been the topic of several research reports. Weiss Ratings raised Granite Construction from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Oppenheimer raised their target price on Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Wall Street Zen lowered Granite Construction from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Zacks Research upgraded Granite Construction to a "hold" rating in a research report on Friday, May 29th. Finally, The Goldman Sachs Group reduced their price target on Granite Construction from $139.00 to $119.00 and set a "sell" rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.50.

Granite Construction 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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