Jupiter Topco LLC Makes New $5.40 Million Investment in Granite Construction Incorporated $GVA

Key Points

• Jupiter Topco LLC acquired 34,163 Granite Construction shares worth approximately $5.4 million, giving it a 0.08% stake. Several other institutional investors also recently established or increased positions.
• Analyst sentiment remains mixed but leans positive, with Granite holding a “Moderate Buy” consensus rating and an average price target of $158.50; targets range from Goldman Sachs’ $119 sell case to $180 from Oppenheimer and Stephens.
• Granite reported quarterly revenue of $1.46 billion, up 28.8% year over year, but earnings of $2.16 per share missed estimates by $0.09. Shares opened at $120.36, down 1.8%, while the company maintains a $0.13 quarterly dividend.

Jupiter Topco LLC acquired a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 34,163 shares of the construction company's stock, valued at approximately $5,404,000. Jupiter Topco LLC owned approximately 0.08% of Granite Construction at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Hill City Capital LP bought a new stake in Granite Construction during the second quarter worth about $175,508,000. Leuthold Group LLC increased its holdings 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 during the period. Empowered Funds LLC acquired a new position in shares of Granite Construction in the 1st quarter valued at approximately $1,160,000. EFG International AG bought a new stake in shares of Granite Construction during the 2nd quarter worth approximately $6,424,000. Finally, Great Lakes Advisors LLC acquired a new stake in shares of Granite Construction during the 2nd quarter worth approximately $5,104,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GVA shares. The Goldman Sachs Group cut their target price on Granite Construction from $139.00 to $119.00 and set a "sell" rating for the company in a research note on Friday, July 31st. Oppenheimer raised their price objective on Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Stephens began coverage on Granite Construction in a research report on Friday, June 26th. They issued an "overweight" rating and a $180.00 target price on the stock. Weiss Ratings raised Granite Construction from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 18th. Finally, Wall Street Zen cut shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Granite Construction has an average rating of "Moderate Buy" and an average price target of $158.50.

Insider Transactions at Granite Construction

In other Granite Construction news, Director John Timothy Romer acquired 375 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was acquired 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 in the company, valued at $402,363.65. This represents a 15.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the sale, the senior vice president owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have purchased 1,150 shares of company stock valued at $156,636. 0.88% of the stock is currently owned by company insiders.

Granite Construction Stock Down 1.8%

Shares of NYSE:GVA opened at $120.36 on Tuesday. Granite Construction Incorporated has a 52-week low of $97.26 and a 52-week high of $162.08. The company has a market capitalization of $5.27 billion, a PE ratio of -27.93 and a beta of 1.33. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01. The company has a fifty day moving average of $130.22 and a 200-day moving average of $130.71.

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

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently -12.06%.

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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