Mizuho Markets Cayman LP Increases Stock Position in Granite Construction Incorporated $GVA

Key Points

• Mizuho Markets Cayman LP increased its Granite Construction stake by 8.7% in the fourth quarter, buying 16,000 more shares and bringing its total to 200,006 shares worth about $23.1 million.
• Granite Construction beat first-quarter expectations, reporting EPS of $0.26 versus an expected loss of $0.77 and revenue of $912.47 million, up 30.4% year over year.
• The stock has attracted mixed signals: several institutions have sharply increased holdings, while insiders sold shares and analysts currently rate the stock a consensus “Hold” with a target price of $139.50.

Mizuho Markets Cayman LP grew its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 8.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 200,006 shares of the construction company's stock after buying an additional 16,000 shares during the period. Granite Construction accounts for approximately 1.2% of Mizuho Markets Cayman LP's holdings, making the stock its 18th biggest holding. Mizuho Markets Cayman LP owned approximately 0.46% of Granite Construction worth $23,071,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in GVA. UBS Group AG grew its stake in shares of Granite Construction by 262.8% during the 4th quarter. UBS Group AG now owns 647,589 shares of the construction company's stock valued at $74,699,000 after buying an additional 469,079 shares during the period. Qube Research & Technologies Ltd raised its holdings in Granite Construction by 87.5% in the third quarter. Qube Research & Technologies Ltd now owns 556,054 shares of the construction company's stock valued at $60,971,000 after buying an additional 259,477 shares during the period. Squarepoint Ops LLC raised its holdings in Granite Construction by 241.7% in the second quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company's stock valued at $28,522,000 after buying an additional 215,752 shares during the period. SG Americas Securities LLC raised its holdings in Granite Construction by 3,388.3% in the fourth quarter. SG Americas Securities LLC now owns 192,622 shares of the construction company's stock valued at $22,219,000 after buying an additional 187,100 shares during the period. Finally, Jupiter Asset Management Ltd. raised its holdings in Granite Construction by 282.0% in the third quarter. Jupiter Asset Management Ltd. now owns 218,836 shares of the construction company's stock valued at $23,995,000 after buying an additional 161,554 shares during the period.

Granite Construction Trading Up 1.9%

GVA opened at $130.06 on Friday. The firm has a market capitalization of $5.69 billion, a P/E ratio of 37.48 and a beta of 1.35. The firm's 50 day moving average is $127.10 and its 200-day moving average is $121.19. Granite Construction Incorporated has a 52-week low of $85.01 and a 52-week high of $145.00. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.77) by $1.03. The company had revenue of $912.47 million for 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 business's quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share.

Analyst Ratings Changes

Several research analysts recently commented on GVA shares. The Goldman Sachs Group raised their price target on shares of Granite Construction from $109.00 to $124.00 and gave the company a "neutral" rating in a report on Wednesday, January 28th. Weiss Ratings lowered shares of Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. Finally, DA Davidson raised their price target on shares of Granite Construction from $130.00 to $155.00 and gave the company a "buy" rating in a report on Friday, February 13th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $139.50.

Insider Buying and Selling

In other news, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction that occurred on 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 sale, the chief executive officer owned 114,881 shares in the company, valued at $13,569,743.72. This trade represents a 18.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction that occurred on 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 owned 18,954 shares in the company, valued at $2,271,447.36. This represents a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,488 shares of company stock worth $4,207,042 in the last quarter. 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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