Hsbc Holdings PLC Acquires 9,140 Shares of Granite Construction Incorporated $GVA

Key Points

• HSBC Holdings PLC increased its Granite Construction stake by 229.5% in the second quarter, purchasing 9,140 additional shares for a total holding of 13,122 shares valued at approximately $2.09 million.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year, but earnings per share of $2.16 fell short of the $2.25 analyst consensus estimate.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $158.50 price target; Granite also declared a quarterly dividend of $0.13 per share.

Hsbc Holdings PLC boosted its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 229.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,122 shares of the construction company's stock after purchasing an additional 9,140 shares during the quarter. Hsbc Holdings PLC's holdings in Granite Construction were worth $2,092,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GVA. Kingsview Wealth Management LLC bought a new stake in shares of Granite Construction in the second quarter valued at approximately $555,000. Empowered Funds LLC acquired a new position in Granite Construction in the 2nd quarter valued at $262,000. Hill City Capital LP bought a new stake in shares of Granite Construction during the 2nd quarter valued at $175,508,004. Caitlin John LLC acquired a new stake in shares of Granite Construction during the 2nd quarter worth $467,000. Finally, Harvey Capital Management Inc. bought a new position in shares of Granite Construction in the second quarter worth $206,000.

Insider Transactions at Granite Construction

In related news, Director John Timothy Romer acquired 375 shares of the stock in a transaction dated Monday, June 15th. The stock was bought at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carlos M. Hernandez bought 400 shares of Granite Construction stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the acquisition, the director directly 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. Insiders own 0.88% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on GVA. The Goldman Sachs Group cut their price objective 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. Stephens started coverage on shares of Granite Construction in a report on Friday, June 26th. They issued an "overweight" rating and a $180.00 target price on the stock. Oppenheimer boosted their target price 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. Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Weiss Ratings lowered shares of Granite Construction from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $158.50.

Granite Construction Stock Performance

Granite Construction stock opened at $119.01 on Friday. The business has a 50 day moving average of $123.94 and a 200-day moving average of $129.87. Granite Construction Incorporated has a 1 year low of $97.26 and a 1 year high of $162.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $5.21 billion, a P/E ratio of -27.61 and a beta of 1.32.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.09). The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The firm's quarterly revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. On average, equities research analysts predict that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be 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 is Wednesday, September 30th. Granite Construction's payout ratio is -12.06%.

Granite Construction 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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