Granite Construction Incorporated $GVA Stock Holdings Lifted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Granite Construction stake by 15,267% in the second quarter, reaching 8.05 million shares, or approximately 18.39% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $158.50; targets range from Goldman Sachs’ $119 “Sell” rating to Oppenheimer’s $180 “Outperform” rating.
• Granite reported quarterly revenue of $1.46 billion, up 28.8% year over year and above estimates, but EPS of $2.16 missed consensus by $0.09. The company also declared a quarterly dividend of $0.13 per share, representing a 0.4% annualized yield.

California State Teachers Retirement System lifted its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 15,267.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,048,327 shares of the construction company's stock after purchasing an additional 7,995,953 shares during the period. California State Teachers Retirement System owned approximately 18.39% of Granite Construction worth $1,272,280,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd raised 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 valued at $28,000 after purchasing an additional 200 shares during the period. Root Financial Partners LLC boosted its position in shares of Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock worth $46,000 after buying an additional 90 shares during the period. Quarry LP grew its holdings in shares of Granite Construction by 1,417.6% during the third quarter. Quarry LP now owns 516 shares of the construction company's stock valued at $57,000 after buying an additional 482 shares in the last quarter. Danske Bank A S purchased a new position in shares of Granite Construction during the third quarter valued at $77,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Granite Construction during the second quarter valued at $86,000.

Analyst Ratings Changes

GVA has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Granite Construction from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Oppenheimer boosted their price objective 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. Zacks Research upgraded shares of Granite Construction to a "hold" rating in a research note on Friday, May 29th. The Goldman Sachs Group cut their target price 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. Finally, Weiss Ratings lowered shares of Granite Construction from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $158.50.

Insider Buying and Selling

In related news, Director John Timothy Romer purchased 375 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the acquisition, the director directly owned 2,801 shares in the company, valued at approximately $402,363.65. This trade represents a 15.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlos M. Hernandez bought 400 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $123.99 per share, with a total value of $49,596.00. Following the transaction, the director owned 5,033 shares of the company's stock, valued at $624,041.67. The trade was a 8.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.88% of the stock is owned by corporate insiders.

Granite Construction Trading Up 3.3%

Shares of NYSE:GVA opened at $119.01 on Friday. The company has a market cap of $5.21 billion, a P/E ratio of -27.61 and a beta of 1.32. The stock's 50-day moving average is $123.94 and its 200-day moving average is $129.87. Granite Construction Incorporated has a 52-week low of $97.26 and a 52-week high of $162.08. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share (EPS) 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 the consensus estimate of $1.41 billion. During the same period last year, the firm posted $1.42 EPS. The company's revenue was up 28.8% compared to the same quarter last year. Equities research analysts predict that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction's dividend payout ratio is -12.06%.

Granite Construction Company Profile

Granite Construction Incorporated NYSE: GVA is a civil infrastructure contractor that delivers construction and engineering services for public and private-sector customers. The company's work includes the development and rehabilitation of transportation infrastructure such as highways, roads, bridges, airports, rail systems and mass-transit facilities.

Granite also provides services for water and wastewater systems, dams, utilities and other complex infrastructure projects. Its capabilities include project development, construction management, design-build delivery, general contracting, excavation, paving and related construction services.

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