Connor Clark & Lunn Investment Management Ltd. Takes $7.60 Million Position in Granite Construction Incorporated $GVA

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 48,064 shares of the construction company’s stock, valued at approximately $7,598,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Granite Construction as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of GVA. Leuthold Group LLC grew its holdings in shares of Granite Construction by 1,591.8% during the 4th quarter. Leuthold Group LLC now owns 45,223 shares of the construction company’s stock worth $5,216,000 after purchasing an additional 42,550 shares in the last quarter. Empowered Funds LLC acquired a new position in Granite Construction in the first quarter valued at about $1,160,000. Louisiana State Employees Retirement System acquired a new position in Granite Construction in the first quarter valued at about $2,314,000. Great Lakes Advisors LLC bought a new stake in Granite Construction during the second quarter worth about $5,104,000. Finally, Intech Investment Management LLC lifted its position in Granite Construction by 247.4% during the fourth quarter. Intech Investment Management LLC now owns 118,338 shares of the construction company’s stock worth $13,650,000 after purchasing an additional 84,277 shares during the period.

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.

Granite Construction Stock Performance

Granite Construction stock opened at $124.06 on Thursday. 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 stock has a market cap of $5.43 billion, a PE ratio of -28.78 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 business’s 50-day moving average price is $131.74 and its two-hundred day moving average price is $130.90.

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%.

Analysts Set New Price Targets

GVA has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their target price 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. 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 report on Friday, July 31st. Stephens initiated coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target on the stock. Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. Finally, Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. One investment 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 issued a Sell rating to the stock. According to MarketBeat, Granite Construction presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.50.

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.