California State Teachers Retirement System Boosts Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• California State Teachers Retirement System increased its Granite Construction stake by 25% in the first quarter, adding 10,484 shares to own 52,374 shares valued at approximately $6.3 million.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year and above estimates, though earnings per share of $2.16 missed consensus by $0.09. Shares opened at $123.85, below the analyst average price target of $158.50.
• Analyst sentiment remains moderately positive, with a “Moderate Buy” consensus, while the company maintains a quarterly dividend of $0.13 per share. Two senior vice presidents recently sold shares, reducing their holdings by 20.11% and 48.89%, respectively.

California State Teachers Retirement System raised its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 25.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,374 shares of the construction company's stock after purchasing an additional 10,484 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Granite Construction worth $6,279,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd increased its stake in Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company's stock worth $28,000 after acquiring an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Granite Construction in the 4th quarter valued at about $29,000. Root Financial Partners LLC grew its holdings in shares of Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock worth $46,000 after purchasing an additional 90 shares during the period. Torren Management LLC purchased a new stake in shares of Granite Construction during the 4th quarter worth about $56,000. Finally, Quarry LP increased its position in Granite Construction by 1,417.6% during the 3rd quarter. Quarry LP now owns 516 shares of the construction company's stock worth $57,000 after purchasing an additional 482 shares in the last quarter.

Granite Construction Stock Performance

Shares of GVA opened at $123.85 on Thursday. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of -28.74 and a beta of 1.33. 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 business's 50 day moving average is $136.21 and its two-hundred day moving average is $130.57. Granite Construction Incorporated has a 52-week low of $93.31 and a 52-week high of $162.08.

Granite Construction (NYSE:GVA - Get Free Report) last released 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 positive return on equity of 27.83% and a negative net margin of 3.32%.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 posted $1.42 EPS. The firm's quarterly revenue was up 28.8% compared to the same quarter last year. Analysts forecast that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction's dividend payout ratio is -12.06%.

Insider Activity

In related news, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total value 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 approximately $4,199,967. This trade represents a 20.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bradley Jay Williams sold 6,734 shares of the company'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 value of $949,494.00. Following the sale, the senior vice president owned 7,041 shares in the company, valued at $992,781. The trade was a 48.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.88% of the company's stock.

Wall Street Analysts Forecast Growth

GVA has been the topic of a number of recent research reports. Oppenheimer lifted their price target on shares of Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Stephens started coverage on shares of Granite Construction in a research report on Friday, June 26th. They issued an "overweight" rating and a $180.00 price objective for the company. Weiss Ratings downgraded shares of Granite Construction from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 21st. Zacks Research upgraded shares of Granite Construction to a "hold" rating in a report on Friday, May 29th. Finally, The Goldman Sachs Group decreased their price target on shares of Granite Construction from $139.00 to $119.00 and set a "sell" rating for the company in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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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