Granite Construction Incorporated $GVA Shares Sold by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank cut its Granite Construction stake by 18.4% in the first quarter, selling 6,500 shares and leaving it with 28,922 shares worth about $3.47 million.
• Wall Street sentiment is generally positive: several firms recently upgraded or initiated coverage, and the stock’s consensus rating is Moderate Buy with an average price target of $157.25.
• Granite Construction posted strong quarterly results, with EPS of $0.26 versus expectations for a loss and revenue of $912.47 million, while also announcing a quarterly dividend of $0.13 per share.

Wesbanco Bank Inc. lowered its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 18.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,922 shares of the construction company's stock after selling 6,500 shares during the quarter. Wesbanco Bank Inc. owned 0.07% of Granite Construction worth $3,467,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Oliver Luxxe Assets LLC purchased a new position in shares of Granite Construction during the 4th quarter worth approximately $1,783,000. Leuthold Group LLC lifted its stake in Granite Construction by 1,591.8% in the 4th quarter. Leuthold Group LLC now owns 45,223 shares of the construction company's stock valued at $5,216,000 after buying an additional 42,550 shares in the last quarter. Boothbay Fund Management LLC grew its holdings in Granite Construction by 9.1% during the 3rd quarter. Boothbay Fund Management LLC now owns 160,331 shares of the construction company's stock valued at $17,580,000 after buying an additional 13,401 shares during the last quarter. Elo Mutual Pension Insurance Co acquired a new stake in Granite Construction during the 3rd quarter valued at $2,013,000. Finally, Neo Ivy Capital Management purchased a new position in Granite Construction during the third quarter worth $622,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GVA. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday. Stephens began coverage on Granite Construction in a research report on Friday. They set an "overweight" rating and a $180.00 price objective for the company. Zacks Research raised shares of Granite Construction to a "hold" rating in a research note on Friday, May 29th. Oppenheimer started coverage on shares of Granite Construction in a report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 target price on the stock. Finally, Weiss Ratings cut shares of Granite Construction from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $157.25.

Granite Construction Stock Performance

Granite Construction stock opened at $160.44 on Friday. The stock has a fifty day moving average price of $137.25 and a 200 day moving average price of $127.90. Granite Construction Incorporated has a 52 week low of $89.80 and a 52 week high of $162.08. The firm has a market capitalization of $7.02 billion, a P/E ratio of 46.24 and a beta of 1.32. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 0.80.

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

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.3%. Granite Construction's dividend payout ratio (DPR) is currently 14.99%.

Insider Buying and Selling at Granite Construction

In related news, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction on 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 transaction, the senior vice president directly owned 29,787 shares of the company's stock, valued at approximately $4,199,967. This trade represents a 20.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Timothy Romer bought 375 shares of Granite Construction stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the acquisition, the director directly owned 2,801 shares of the company's stock, valued at $402,363.65. The trade was a 15.46% increase in their position. The SEC filing for this purchase provides additional information. 0.88% of the stock is owned by company insiders.

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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