Intech Investment Management LLC Buys 84,277 Shares of Granite Construction Incorporated $GVA

Key Points

• Intech Investment Management increased its Granite Construction stake by 247.4% in the fourth quarter, buying 84,277 additional shares and lifting its holdings to 118,338 shares valued at about $13.65 million.
• Granite Construction reported better-than-expected quarterly results, with EPS of $0.26 versus an expected loss and revenue of $912.47 million, up 30.4% year over year.
• Analysts are mixed on the stock: some recently downgraded GVA to Hold, while Oppenheimer initiated coverage with an Outperform rating and a $170 price target; the consensus rating is currently Hold.

Intech Investment Management LLC boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 247.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,338 shares of the construction company's stock after acquiring an additional 84,277 shares during the period. Intech Investment Management LLC owned about 0.27% of Granite Construction worth $13,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. 12th Street Asset Management Company LLC grew its holdings in Granite Construction by 0.3% during the 4th quarter. 12th Street Asset Management Company LLC now owns 62,216 shares of the construction company's stock worth $7,177,000 after acquiring an additional 213 shares in the last quarter. Clearstead Advisors LLC grew its holdings in Granite Construction by 168.2% during the 4th quarter. Clearstead Advisors LLC now owns 869 shares of the construction company's stock worth $100,000 after acquiring an additional 545 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in Granite Construction during the 4th quarter worth about $376,000. Legato Capital Management LLC bought a new position in Granite Construction during the 4th quarter worth about $459,000. Finally, Mizuho Markets Cayman LP grew its holdings in Granite Construction by 8.7% during the 4th quarter. Mizuho Markets Cayman LP now owns 200,006 shares of the construction company's stock worth $23,071,000 after acquiring an additional 16,000 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wall Street Zen cut shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings cut shares of Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. DA Davidson increased their target price on shares of Granite Construction from $130.00 to $155.00 and gave the stock a "buy" rating in a report on Friday, February 13th. Finally, Oppenheimer assumed coverage on shares of Granite Construction in a report on Thursday. They set an "outperform" rating and a $170.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $149.67.

Granite Construction Stock Performance

GVA stock opened at $136.84 on Friday. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 39.43 and a beta of 1.35. The firm has a 50-day simple moving average of $128.35 and a two-hundred day simple moving average of $122.35. Granite Construction Incorporated has a one year low of $87.72 and a one year high of $145.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09.

Granite Construction (NYSE:GVA - Get Free Report) last released 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 business had revenue of $912.47 million during the quarter, compared to analyst estimates of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company's quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 earnings per share.

Insider Activity

In other Granite Construction news, CEO Kyle T. Larkin sold 26,651 shares of the stock in a transaction dated Friday, March 27th. The shares were sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the completion of the sale, the chief executive officer directly owned 114,881 shares of the company's stock, valued at approximately $13,569,743.72. This represents a 18.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Staci M. Woolsey sold 1,523 shares of the stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the sale, the chief financial officer directly owned 18,954 shares of the company's stock, valued at approximately $2,271,447.36. The trade was a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 35,488 shares of company stock valued at $4,207,042. Insiders own 1.00% 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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