Conversant Capital LLC Acquires Shares of 285,010 Granite Construction Incorporated $GVA

Key Points

• Conversant Capital LLC acquired a new stake in Granite Construction, buying 285,010 shares worth approximately $21.49 million, making it the 8th largest position in their portfolio.
• Granite Construction saw increased interest from several hedge funds, including Nuveen LLC and GAMMA Investing LLC, which both significantly increased their share holdings this year.
• Analysts have recently upgraded Granite Construction from a "hold" to a "buy" rating, with a consensus price target set at $76.00.

Conversant Capital LLC bought a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 285,010 shares of the construction company's stock, valued at approximately $21,490,000. Granite Construction accounts for approximately 3.5% of Conversant Capital LLC's holdings, making the stock its 8th biggest holding. Conversant Capital LLC owned about 0.65% of Granite Construction at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Granite Construction by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company's stock worth $16,350,000 after buying an additional 3,737 shares during the period. Golden State Wealth Management LLC grew its position in shares of Granite Construction by 16.6% in the 1st quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock valued at $385,000 after purchasing an additional 725 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Granite Construction in the 4th quarter valued at approximately $1,465,000. Blue Trust Inc. grew its position in shares of Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of Granite Construction by 112.9% in the 1st quarter. GSA Capital Partners LLP now owns 11,279 shares of the construction company's stock valued at $850,000 after purchasing an additional 5,981 shares during the period.

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the sale, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the sale, the director owned 10,601 shares in the company, valued at approximately $1,167,806.16. This trade represents a 12.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,525 shares of company stock worth $608,314. Company insiders own 1.00% of the company's stock.

Granite Construction Stock Down 1.1%

Shares of Granite Construction stock traded down $1.19 on Tuesday, reaching $106.56. 387,674 shares of the company were exchanged, compared to its average volume of 617,233. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 34.82 and a beta of 1.40. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average of $99.10 and a 200 day moving average of $87.75.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the prior year, the business posted $1.73 EPS. The business's revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 30th. Granite Construction's dividend payout ratio is 16.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. The Goldman Sachs Group boosted their target price on Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of "Sell" and an average target price of $76.00.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.