Incline Global Management LLC Has $14.92 Million Stock Position in Granite Construction Incorporated $GVA

Key Points

• Incline Global Management boosted its Granite Construction stake by 26.9% in Q4, bringing holdings to 129,368 shares worth about $14.9 million, making GVA its fourth-largest position.
• Granite Construction reported strong quarterly results, with EPS of $0.26 versus expectations for a loss and revenue of $912.47 million, up 30.4% year over year.
• Several Granite insiders sold shares recently, including two SVPs on June 8, even as the company announced a quarterly dividend of $0.13 per share and analysts maintained an overall Hold rating with a $149.67 average price target.

Incline Global Management LLC increased its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 26.9% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 129,368 shares of the construction company's stock after buying an additional 27,395 shares during the quarter. Granite Construction comprises approximately 5.1% of Incline Global Management LLC's portfolio, making the stock its 4th biggest position. Incline Global Management LLC owned about 0.30% of Granite Construction worth $14,923,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Evolve Private Wealth LLC bought a new stake in Granite Construction in the 4th quarter worth about $888,000. Bridgeway Capital Management LLC bought a new stake in Granite Construction in the 4th quarter worth about $1,384,000. Boothbay Fund Management LLC increased its holdings in Granite Construction by 11.4% in the 4th quarter. Boothbay Fund Management LLC now owns 178,557 shares of the construction company's stock worth $20,597,000 after buying an additional 18,226 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Granite Construction in the 4th quarter worth about $928,000. Finally, Guggenheim Capital LLC bought a new stake in Granite Construction in the 4th quarter worth about $550,000.

Insider Transactions at Granite Construction

In other news, SVP Bradley Jay Williams sold 6,734 shares of Granite Construction stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the transaction, the senior vice president directly owned 7,041 shares of the company's stock, valued at $992,781. The trade was a 48.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction dated Monday, June 8th. The shares were 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 in the company, valued at approximately $4,199,967. The trade was a 20.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 40,885 shares of company stock valued at $5,155,010. Company insiders own 0.88% of the company's stock.

Granite Construction Trading Down 1.1%

Shares of NYSE:GVA opened at $143.57 on Thursday. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 41.38 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The stock's 50-day simple moving average is $133.59 and its two-hundred day simple moving average is $125.85. Granite Construction Incorporated has a 52-week low of $88.26 and a 52-week high of $148.00.

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 the consensus estimate of ($0.77) by $1.03. The business had revenue of $912.47 million for 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 business's revenue for the quarter was up 30.4% on a year-over-year basis. During the same period last year, the firm posted $0.01 earnings per share. Analysts expect that Granite Construction Incorporated will post 6.14 EPS for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently 14.99%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GVA. Oppenheimer began coverage on Granite Construction in a report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 price objective for the company. Wall Street Zen downgraded Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, May 30th. Weiss Ratings downgraded Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. Finally, Zacks Research raised Granite Construction to a "hold" rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Granite Construction has an average rating of "Hold" and an average price target of $149.67.

About Granite Construction

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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