Squarepoint Ops LLC Boosts Stock Position in Granite Construction Incorporated $GVA

Key Points

• Squarepoint Ops increased its Granite Construction stake by 39% in the second quarter, bringing its holdings to 228,163 shares valued at approximately $36.1 million. Several other institutional investors also initiated or expanded positions.
• Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year and above expectations, but earnings per share of $2.16 fell short of the $2.25 consensus estimate.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $158.50 average price target. Shares opened at $118.98, well below their 12-month high of $162.08.

Squarepoint Ops LLC boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 39.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,163 shares of the construction company's stock after purchasing an additional 64,007 shares during the period. Squarepoint Ops LLC owned about 0.52% of Granite Construction worth $36,068,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hill City Capital LP purchased a new position in shares of Granite Construction during the 2nd quarter worth approximately $175,508,000. Leuthold Group LLC boosted its position in shares of Granite Construction by 1,591.8% during the fourth quarter. Leuthold Group LLC now owns 45,223 shares of the construction company's stock valued at $5,216,000 after purchasing an additional 42,550 shares in the last quarter. Empowered Funds LLC purchased a new stake in Granite Construction in the first quarter worth $1,160,000. Great Lakes Advisors LLC bought a new position in Granite Construction in the second quarter worth $5,104,000. Finally, EFG International AG purchased a new position in Granite Construction during the second quarter valued at $6,424,000.

Insider Activity

In related news, Director Carlos M. Hernandez acquired 400 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the purchase, the director owned 5,033 shares in the company, valued at $624,041.67. The trade was a 8.63% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John Timothy Romer purchased 375 shares of the company's stock in a transaction on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the transaction, the director owned 2,801 shares of the company's stock, valued at approximately $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 1,150 shares of company stock valued at $156,636 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

Granite Construction Stock Performance

GVA stock opened at $118.98 on Wednesday. The stock's 50 day simple moving average is $125.77 and its 200 day simple moving average is $130.21. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The stock has a market capitalization of $5.21 billion, a PE ratio of -27.60 and a beta of 1.32.

Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.09). Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period last year, the firm posted $1.42 EPS. Granite Construction's quarterly revenue was up 28.8% compared to the same quarter last year. As a group, research analysts forecast that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stephens began coverage on shares of Granite Construction in a report on Friday, June 26th. They issued an "overweight" rating and a $180.00 price objective on the stock. Wall Street Zen cut Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. The Goldman Sachs Group cut their target price on Granite Construction from $139.00 to $119.00 and set a "sell" rating on the stock in a research note on Friday, July 31st. Weiss Ratings lowered Granite Construction from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, September 2nd. Finally, Oppenheimer upped their price target on shares of Granite Construction from $170.00 to $180.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Granite Construction has an average rating of "Hold" and a consensus price target of $158.50.

About Granite Construction

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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