Granite Construction Incorporated $GVA Shares Bought by First Trust Advisors LP

Key Points

• First Trust Advisors LP boosted its Granite Construction stake by 52.8% in the first quarter, ending with 1,397,573 shares worth about $167.5 million and representing roughly 3.19% of the company.
• Granite Construction reported strong quarterly results, with EPS of $0.26 versus estimates for a loss and revenue of $912.47 million, up 30.4% from a year earlier and above analyst expectations.
• The company paid a quarterly dividend of $0.13 per share and continues to receive mixed analyst views, with a consensus rating of Moderate Buy and an average price target of $161.00.

First Trust Advisors LP increased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 52.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,397,573 shares of the construction company's stock after buying an additional 483,080 shares during the period. First Trust Advisors LP owned about 3.19% of Granite Construction worth $167,541,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd grew its stake in Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company's stock worth $28,000 after purchasing an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Granite Construction in the fourth quarter valued at $29,000. Spire Wealth Management acquired a new position in Granite Construction during the fourth quarter worth approximately $46,000. Root Financial Partners LLC grew its position in 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 last quarter. Finally, Torren Management LLC acquired a new position in Granite Construction in the 4th quarter valued at about $56,000.

Granite Construction Stock Performance

Shares of GVA stock opened at $125.65 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The company's fifty day moving average price is $138.55 and its two-hundred day moving average price is $130.49. The firm has a market capitalization of $5.50 billion, a P/E ratio of 36.21 and a beta of 1.29. Granite Construction Incorporated has a 12 month low of $89.80 and a 12 month high of $162.08.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company's revenue for the quarter was up 30.4% compared to the same quarter last year. On average, research analysts anticipate that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given 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 of this dividend was Tuesday, June 30th. Granite Construction's dividend payout ratio is presently 14.99%.

Analysts Set New Price Targets

GVA has been the topic of several analyst reports. Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Oppenheimer started coverage on shares of Granite Construction in a research report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 price objective for the company. Zacks Research raised Granite Construction to a "hold" rating in a research note on Friday, May 29th. The Goldman Sachs Group reiterated a "sell" rating and issued a $139.00 target price (down from $141.00) on shares of Granite Construction in a report on Thursday, July 9th. Finally, Stephens assumed coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an "overweight" rating and a $180.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $161.00.

Insider Activity

In other news, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the completion of the transaction, the senior vice president directly owned 7,041 shares in the company, valued at approximately $992,781. This represents a 48.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Timothy Romer purchased 375 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average price of $143.65 per share, with a total value of $53,868.75. Following the purchase, the director owned 2,801 shares of the company's stock, valued at approximately $402,363.65. The trade was a 15.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.88% of the company's stock.

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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