Hill City Capital LP Acquires Shares of 1,110,248 Granite Construction Incorporated $GVA

Hill City Capital LP bought a new stake in shares of Granite Construction Incorporated (NYSE:GVA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,110,248 shares of the construction company’s stock, valued at approximately $175,508,004,000. Granite Construction accounts for approximately 4.1% of Hill City Capital LP’s portfolio, making the stock its 7th biggest holding. Hill City Capital LP owned about 2.54% of Granite Construction as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Maryland State Retirement & Pension System increased its position in shares of Granite Construction by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Root Financial Partners LLC lifted its position in Granite Construction by 30.9% during 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 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 period. Evergreen Capital Management LLC grew its stake in 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 buying an additional 120 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in Granite Construction by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock worth $575,000 after buying an additional 148 shares in the last quarter.

Granite Construction Stock Performance

Granite Construction stock opened at $124.96 on Friday. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The business’s 50-day moving average price is $131.31 and its two-hundred day moving average price is $130.87. The stock has a market cap of $5.47 billion, a PE ratio of -28.99 and a beta of 1.33.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, July 30th. The construction company reported $2.16 EPS 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 company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company posted $1.42 EPS. The firm’s revenue was up 28.8% compared to the same quarter last year. As a group, analysts expect that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid 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 presently -12.06%.

Insider Activity at Granite Construction

In related news, Director Carlos M. Hernandez bought 400 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were purchased 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 owned 5,033 shares in the company, valued at $624,041.67. This represents a 8.63% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 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 transaction of $949,494.00. Following the transaction, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. This trade represents a 48.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders acquired 1,150 shares of company stock worth $156,636 in the last 90 days. 0.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GVA shares. Oppenheimer boosted their target price on shares of Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Finally, Stephens began coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $158.50.

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.