Susquehanna Fundamental Investments LLC Increases Position in Granite Construction Incorporated $GVA

Key Points

• Susquehanna Fundamental Investments increased its Granite Construction stake by 66% in the second quarter, owning 83,736 shares valued at approximately $13.2 million.
• Analyst sentiment is mixed but leans positive: Granite has a “Moderate Buy” consensus rating and an average price target of $158.50, despite ratings ranging from “Strong Buy” to “Sell.”
• Granite reported quarterly revenue of $1.46 billion, up 28.8% year over year, but earnings per share of $2.16 missed estimates by $0.09. The company also maintains a quarterly dividend of $0.13, equivalent to a 0.4% yield.

Susquehanna Fundamental Investments LLC grew its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 66.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 83,736 shares of the construction company's stock after buying an additional 33,305 shares during the quarter. Susquehanna Fundamental Investments LLC owned 0.19% of Granite Construction worth $13,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Maryland State Retirement & Pension System boosted its holdings in 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 valued at $736,000 after acquiring an additional 83 shares during the period. Root Financial Partners LLC increased its stake in Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock worth $46,000 after purchasing an additional 90 shares during the period. GAMMA Investing LLC lifted its position in shares of 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 purchasing an additional 107 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Granite Construction by 4.5% during the second quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company's stock worth $263,000 after purchasing an additional 120 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in shares of Granite Construction by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company's stock valued at $575,000 after purchasing an additional 148 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GVA shares. Zacks Research upgraded shares of Granite Construction to a "hold" rating in a report on Friday, May 29th. The Goldman Sachs Group lowered their price objective on shares of Granite Construction from $139.00 to $119.00 and set a "sell" rating for the company in a research report on Friday, July 31st. Stephens began coverage on shares of Granite Construction in a research note on Friday, June 26th. They issued an "overweight" rating and a $180.00 target price on the stock. Oppenheimer raised their target price on shares of Granite Construction from $170.00 to $180.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Granite Construction has an average rating of "Moderate Buy" and an average target price of $158.50.

Granite Construction Price Performance

GVA opened at $122.71 on Monday. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. The business's fifty day simple moving average is $130.84 and its 200-day simple moving average is $130.80. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of -28.47 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The business's revenue was up 28.8% compared to the same quarter last year. On average, equities research analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.13 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction's payout ratio is currently -12.06%.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, Director Carlos M. Hernandez acquired 400 shares of Granite Construction stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $123.99 per share, with a total value of $49,596.00. Following the completion of the purchase, the director directly owned 5,033 shares of the company's stock, valued at approximately $624,041.67. This represents a 8.63% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bradley Jay Williams sold 6,734 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $141.00, for a total value of $949,494.00. Following the sale, the senior vice president owned 7,041 shares of the company's stock, valued at approximately $992,781. This represents a 48.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders bought a total of 1,150 shares of company stock worth $156,636 over the last quarter. 0.88% of the stock is currently owned by company insiders.

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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