Dark Forest Capital Management LP Buys 43,110 Shares of Granite Construction Incorporated $GVA

Key Points

• Dark Forest Capital Management LP significantly increased its holdings in Granite Construction by 788.7%, now owning 48,576 shares valued at approximately $3.66 million.
• Analysts have upgraded Granite Construction's stock rating from "hold" to "buy," although the overall consensus remains a "sell" with a target price set at $76.00.
• Granite Construction reported a quarterly earnings per share of $1.93, surpassing estimates and showing a year-over-year revenue increase of 4.4%, bringing total revenue to $1.13 billion.

Dark Forest Capital Management LP increased its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 788.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,576 shares of the construction company's stock after buying an additional 43,110 shares during the period. Dark Forest Capital Management LP owned 0.11% of Granite Construction worth $3,663,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Millennium Management LLC raised its stake in Granite Construction by 11.0% in the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after buying an additional 263,302 shares in the last quarter. Hill City Capital LP raised its stake in Granite Construction by 1.1% in the first quarter. Hill City Capital LP now owns 1,060,048 shares of the construction company's stock worth $79,928,000 after buying an additional 11,110 shares in the last quarter. Invesco Ltd. raised its stake in Granite Construction by 12.4% in the first quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock worth $49,218,000 after buying an additional 72,175 shares in the last quarter. Mizuho Markets Americas LLC raised its stake in Granite Construction by 22.7% in the first quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock worth $45,788,000 after buying an additional 112,371 shares in the last quarter. Finally, Boston Partners raised its stake in Granite Construction by 0.5% in the first quarter. Boston Partners now owns 587,209 shares of the construction company's stock worth $44,392,000 after buying an additional 2,811 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of "Sell" and a consensus target price of $76.00.

Insider Activity

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

Granite Construction Stock Performance

Shares of Granite Construction stock traded down $0.38 on Friday, hitting $107.94. 609,544 shares of the company's stock were exchanged, compared to its average volume of 574,794. The company has a 50-day simple moving average of $100.33 and a 200-day simple moving average of $88.30. The stock has a market capitalization of $4.73 billion, a PE ratio of 35.27 and a beta of 1.41. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $112.16. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.77 by $0.16. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The company's revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

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.