Sierra Summit Advisors LLC Takes Position in Granite Construction Incorporated (NYSE:GVA)

Key Points

• Sierra Summit Advisors LLC has acquired a new stake in Granite Construction, purchasing 7,863 shares valued at approximately $593,000.
• Granite Construction recently reported $1.93 EPS for the quarter, exceeding analysts' expectations of $1.77 EPS, with revenue slightly below estimates at $1.13 billion.
• The company has declared a quarterly dividend of $0.13 per share, representing an annualized dividend yield of 0.5% and a payout ratio of 21.67%.

Sierra Summit Advisors LLC acquired a new stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,863 shares of the construction company's stock, valued at approximately $593,000.

A number of other hedge funds have also recently bought and sold shares of GVA. Federated Hermes Inc. bought a new stake in shares of Granite Construction in the 4th quarter worth approximately $26,000. Larson Financial Group LLC lifted its holdings in shares of Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after purchasing an additional 257 shares during the last quarter. Quarry LP lifted its holdings in shares of Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after purchasing an additional 132 shares during the last quarter. Rothschild Investment LLC lifted its holdings in shares of Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after purchasing an additional 285 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after purchasing an additional 141 shares during the last quarter.

Granite Construction Price Performance

Shares of GVA traded down $1.18 during midday trading on Thursday, reaching $110.11. The stock had a trading volume of 132,694 shares, compared to its average volume of 629,129. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $111.43. 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 firm's 50 day moving average price is $93.95 and its 200-day moving average price is $85.76. The company has a market capitalization of $4.82 billion, a P/E ratio of 36.01 and a beta of 1.39.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $1.73 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. On average, analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, June 30th. Granite Construction's payout ratio is presently 16.99%.

Analysts Set New Price Targets

GVA has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their target price on Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research note on Monday, May 5th. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th.

Insider Activity

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the transaction, the senior vice president directly owned 18,819 shares in the company, valued at $1,726,831.44. The trade was a 9.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by insiders.

Granite Construction 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.