VIRGINIA RETIREMENT SYSTEMS ET Al Takes $3.07 Million Position in Granite Construction Incorporated $GVA

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 19,400 shares of the construction company’s stock, valued at approximately $3,067,000.

Other hedge funds also recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in shares of Granite Construction by 15,267.0% during the second quarter. California State Teachers Retirement System now owns 8,048,327 shares of the construction company’s stock valued at $1,272,280,000 after buying an additional 7,995,953 shares during the period. Alan B Lancz & Associates Inc. purchased a new stake in Granite Construction in the second quarter worth $232,000. Nilsine Partners LLC bought a new stake in Granite Construction in the second quarter valued at $280,000. AlphaGrep UK Ltd bought a new stake in Granite Construction in the second quarter valued at $252,000. Finally, Nykredit A S purchased a new position in Granite Construction during the 2nd quarter valued at $484,000.

Granite Construction Stock Performance

Shares of GVA opened at $115.12 on Friday. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week 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 stock has a market cap of $5.04 billion, a P/E ratio of -26.71 and a beta of 1.32. The business’s 50 day moving average price is $124.48 and its 200-day moving average price is $129.94.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, July 30th. The construction company reported $2.16 EPS 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 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 firm posted $1.42 earnings per share. The company’s revenue was up 28.8% compared to the same quarter last year. Equities research analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Carlos M. Hernandez acquired 400 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average cost of $123.99 per share, with a total value of $49,596.00. Following the transaction, the director owned 5,033 shares of the company’s stock, valued at $624,041.67. This trade represents a 8.63% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Timothy Romer acquired 375 shares of Granite Construction stock in a transaction on Monday, June 15th. The shares were purchased at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the purchase, the director owned 2,801 shares in the company, valued at $402,363.65. This represents a 15.46% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

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