SEB Asset Management AB Purchases Shares of 29,804 Granite Construction Incorporated $GVA

Key Points

• SEB Asset Management AB disclosed a new position in Granite Construction, buying 29,804 shares worth about $3.57 million and reporting a 0.07% stake.
• Granite Construction posted a strong recent quarter, with EPS of $0.26 versus expectations for a loss and revenue of $912.47 million, up 30.4% year over year.
• The company recently paid a $0.13 quarterly dividend, and analysts currently rate the stock Moderate Buy with a consensus price target of $161.

SEB Asset Management AB acquired a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 29,804 shares of the construction company's stock, valued at approximately $3,573,000. SEB Asset Management AB owned 0.07% of Granite Construction as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd raised its holdings in shares of Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company's stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Granite Construction in the fourth quarter valued at $29,000. Root Financial Partners LLC boosted its holdings in Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock valued at $46,000 after acquiring an additional 90 shares in the last quarter. Spire Wealth Management purchased a new position in Granite Construction during the 4th quarter valued at $46,000. Finally, Torren Management LLC bought a new position in Granite Construction in the 4th quarter worth $56,000.

Insider Transactions at Granite Construction

In related news, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction dated 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 owned 7,041 shares in the company, valued at approximately $992,781. This trade represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Timothy Romer bought 375 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the completion of the transaction, the director directly owned 2,801 shares of the company's stock, valued at $402,363.65. This represents a 15.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.88% of the company's stock.

Granite Construction Stock Performance

Shares of GVA opened at $125.65 on Thursday. The firm has a market capitalization of $5.50 billion, a P/E ratio of 36.21 and a beta of 1.29. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. Granite Construction Incorporated has a one year low of $89.80 and a one year high of $162.08. The business has a fifty day moving average of $138.55 and a 200 day moving average of $130.49.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The business had revenue of $912.47 million during the quarter, compared to analysts' expectations of $782.26 million. During the same period in the prior year, the company earned $0.01 earnings per share. The firm's revenue was up 30.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 6.14 EPS for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction's dividend payout ratio is currently 14.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GVA shares. Wall Street Zen lowered Granite Construction from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $139.00 target price (down from $141.00) on shares of Granite Construction in a research note on Thursday, July 9th. Oppenheimer began coverage on shares of Granite Construction in a report on Thursday, May 28th. They set an "outperform" rating and a $170.00 target price for the company. Weiss Ratings cut Granite Construction from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. Finally, Zacks Research raised Granite Construction to a "hold" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.00.

Granite Construction Company 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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