PDT Partners LLC Buys 41,317 Shares of Granite Construction Incorporated $GVA

Key Points

• PDT Partners LLC significantly increased its stake in Granite Construction, acquiring an additional 41,317 shares, resulting in a total of 54,355 shares valued at approximately $4.1 million.
• Granite Construction reported earnings of $1.93 per share for the last quarter, exceeding estimates, despite having a slight revenue miss at $1.13 billion.
• The stock has experienced a 1.7% decline and analysts currently have a consensus rating of "Sell" with a target price of $76.00.

PDT Partners LLC grew its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 316.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,355 shares of the construction company's stock after buying an additional 41,317 shares during the quarter. PDT Partners LLC owned 0.12% of Granite Construction worth $4,098,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in GVA. Nuveen LLC acquired a new position in shares of Granite Construction in the first quarter valued at approximately $21,966,000. Conversant Capital LLC acquired a new position in Granite Construction during the first quarter worth $21,490,000. Millennium Management LLC boosted its holdings in Granite Construction by 11.0% during the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after purchasing an additional 263,302 shares during the last quarter. RPG Investment Advisory LLC boosted its holdings in Granite Construction by 106.6% during the first quarter. RPG Investment Advisory LLC now owns 472,566 shares of the construction company's stock worth $35,632,000 after purchasing an additional 243,875 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Granite Construction by 95.2% during the first quarter. Cubist Systematic Strategies LLC now owns 454,501 shares of the construction company's stock worth $34,269,000 after purchasing an additional 221,709 shares during the last quarter.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of "Sell" and a consensus price target of $76.00.

Insider Activity

In other news, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the transaction, the director directly owned 10,601 shares of the company's stock, valued at $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the transaction, the senior vice president directly owned 14,685 shares in the company, valued at $1,617,699.60. The trade was a 12.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,525 shares of company stock valued at $608,314 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Granite Construction Stock Performance

NYSE GVA traded down $0.38 on Friday, hitting $107.94. 609,544 shares of the stock were exchanged, compared to its average volume of 574,794. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. The business's fifty day moving average is $100.33 and its 200 day moving average is $88.29. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16. The company has a market capitalization of $4.73 billion, a PE ratio of 35.27 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.16. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $1.73 earnings per share. The company's quarterly revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. Research analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.