Paralel Advisors LLC Makes New $3.05 Million Investment in Granite Construction Incorporated $GVA

Key Points

• Paralel Advisors LLC purchased 19,268 shares of Granite Construction worth approximately $3.05 million during the second quarter, while several other institutional investors modestly increased their positions.
• Granite Construction reported quarterly EPS of $2.16, below the $2.25 consensus estimate, but revenue rose 28.8% year over year to $1.46 billion. Shares opened at $123.15, down 2.3%.
• Analyst opinions remain mixed, though the stock carries a consensus “Moderate Buy” rating with an average price target of $158.50; meanwhile, two senior vice presidents sold shares at $141 each.

Paralel Advisors LLC purchased a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,268 shares of the construction company's stock, valued at approximately $3,046,000.

Other hedge funds have also modified their holdings of the company. Maryland State Retirement & Pension System raised its position in shares of Granite Construction by 1.3% during the 4th quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company's stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Root Financial Partners LLC increased its position in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock worth $46,000 after buying an additional 90 shares in the last quarter. GAMMA Investing LLC increased its position in Granite Construction by 3.0% during the second quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company's stock worth $572,000 after buying an additional 107 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in shares of Granite Construction by 4.5% in the second quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company's stock worth $263,000 after acquiring an additional 120 shares during the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Granite Construction by 3.1% in the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company's stock worth $575,000 after acquiring an additional 148 shares during the last quarter.

Insider Activity at Granite Construction

In other news, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the transaction, the senior vice president directly owned 29,787 shares in the company, valued at $4,199,967. This represents a 20.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Bradley Jay Williams sold 6,734 shares of the firm's 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 $949,494.00. Following the completion of the sale, the senior vice president directly owned 7,041 shares in the company, valued at $992,781. This represents a 48.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have acquired 1,150 shares of company stock valued at $156,636. Insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

GVA has been the topic of a number of analyst reports. Zacks Research raised Granite Construction to a "hold" rating in a research note on Friday, May 29th. The Goldman Sachs Group cut their target price on shares of 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 upped their target price on shares of Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Weiss Ratings raised shares of Granite Construction from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday. Finally, Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Granite Construction presently has a consensus rating of "Moderate Buy" and an average price target of $158.50.

Granite Construction Trading Down 2.3%

Shares of Granite Construction stock opened at $123.15 on Friday. Granite Construction Incorporated has a fifty-two week low of $97.26 and a fifty-two week high of $162.08. The business's fifty day moving average is $133.28 and its two-hundred day moving average is $130.93. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The firm has a market cap of $5.39 billion, a PE ratio of -28.57 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the prior year, the firm earned $1.42 EPS. Granite Construction's revenue for the quarter was up 28.8% on a year-over-year basis. Analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Granite Construction Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction's dividend payout ratio is currently -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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