Oliver Luxxe Assets LLC Sells 7,105 Shares of Granite Construction Incorporated $GVA

Oliver Luxxe Assets LLC cut its position in Granite Construction Incorporated (NYSE:GVA) by 46.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,322 shares of the construction company’s stock after selling 7,105 shares during the period. Oliver Luxxe Assets LLC’s holdings in Granite Construction were worth $1,316,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Granite Construction in the second quarter worth approximately $486,000. GAMMA Investing LLC increased its holdings 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 valued at $572,000 after acquiring an additional 107 shares in the last quarter. CoreCap Advisors LLC bought a new stake in shares of Granite Construction during the second quarter valued at approximately $405,000. California State Teachers Retirement System raised its position in shares of Granite Construction by 25.0% during the first quarter. California State Teachers Retirement System now owns 52,374 shares of the construction company’s stock worth $6,279,000 after purchasing an additional 10,484 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Granite Construction during the first quarter worth approximately $1,160,000.

Granite Construction Stock Down 0.3%

Shares of NYSE:GVA opened at $127.99 on Monday. The business’s 50 day moving average is $135.70 and its 200 day moving average is $130.61. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -29.70 and a beta of 1.33. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46.

Granite Construction (NYSE:GVA) last released its quarterly 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). The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 earnings per share. On average, sell-side analysts forecast that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced 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 dividend payout ratio is currently -12.06%.

Analysts Set New Price Targets

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

Insider Activity

In related news, SVP Bradley Jay Williams sold 6,734 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $949,494.00. Following the transaction, the senior vice president directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Timothy Romer acquired 375 shares of the firm’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 purchase, the director owned 2,801 shares in the company, valued at approximately $402,363.65. The trade was a 15.46% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 1,150 shares of company stock valued at $156,636 over the last ninety days. Company insiders own 0.88% of the company’s stock.

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.