Simplicity Wealth LLC Buys New Shares in Granite Construction Incorporated $GVA

Simplicity Wealth LLC purchased a new stake in Granite Construction Incorporated (NYSE:GVA) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,913 shares of the construction company’s stock, valued at approximately $777,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd lifted its stake in shares of Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after buying an additional 200 shares during the period. Root Financial Partners LLC increased its stake in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after acquiring an additional 90 shares during the period. Torren Management LLC acquired a new position in Granite Construction in the 4th quarter valued at approximately $56,000. Quarry LP raised its holdings in Granite Construction by 1,417.6% in the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Finally, Danske Bank A S bought a new stake in shares of Granite Construction in the 3rd quarter worth approximately $77,000.

Granite Construction Price Performance

NYSE:GVA opened at $126.80 on Monday. 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 firm has a market cap of $5.55 billion, a PE ratio of -29.42 and a beta of 1.33. Granite Construction Incorporated has a 12 month low of $97.26 and a 12 month high of $162.08. The company’s 50-day moving average price is $134.35 and its two-hundred day moving average price is $130.78.

Granite Construction (NYSE:GVA) last posted 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 positive return on equity of 27.83% and a negative net margin of 3.32%.The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business posted $1.42 EPS. The business’s quarterly revenue was up 28.8% on a year-over-year basis. On average, equities analysts anticipate that Granite Construction Incorporated will post 6.36 EPS for the current fiscal year.

Granite Construction Announces Dividend

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

Analyst Ratings Changes

A number of research analysts recently commented on the company. Oppenheimer upped their target price on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Stephens initiated coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an “overweight” rating and a $180.00 price target on the stock. The Goldman Sachs Group lowered their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a report on Friday, July 31st. Weiss Ratings cut shares of Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $158.50.

Insiders Place Their Bets

In related news, Director John Timothy Romer acquired 375 shares of the stock in a transaction on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the transaction, the director owned 2,801 shares of the company’s stock, valued at $402,363.65. The trade was a 15.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos M. Hernandez bought 400 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was bought at an average cost 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 of the company’s stock, valued at approximately $624,041.67. The trade was a 8.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 1,150 shares of company stock valued at $156,636. 0.88% of the stock is owned by corporate insiders.

Granite Construction 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.