Independent Financial Group LLC Makes New $766,000 Investment in Granite Construction Incorporated $GVA

by · The Markets Daily

Independent Financial Group LLC bought a new stake in Granite Construction Incorporated (NYSE:GVA – Free Report) during the first quarter, HoldingsChannel.com reports. The firm bought 6,388 shares of the construction company’s stock, valued at approximately $766,000.

A number of other large investors have also recently modified their holdings of GVA. Aster Capital Management DIFC Ltd raised its holdings in shares of Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of Granite Construction during the 4th quarter worth $29,000. Spire Wealth Management acquired a new stake in Granite Construction in the fourth quarter valued at about $46,000. Root Financial Partners LLC boosted its stake in Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after buying an additional 90 shares in the last quarter. Finally, Torren Management LLC bought a new position in Granite Construction in the fourth quarter valued at about $56,000.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GVA. The Goldman Sachs Group reissued a “sell” rating and set a $139.00 target price (down from $141.00) on shares of Granite Construction in a research note on Thursday, July 9th. Stephens assumed coverage on shares of Granite Construction in a report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target on the stock. Oppenheimer started coverage on shares of Granite Construction in a research report on Thursday, May 28th. They set an “outperform” rating and a $170.00 price objective for the company. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Finally, Weiss Ratings raised shares of Granite Construction from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, July 6th. One research 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $161.00.

View Our Latest Research Report on Granite Construction

Granite Construction Trading Up 2.2%

Shares of GVA stock opened at $124.80 on Wednesday. The firm has a market capitalization of $5.46 billion, a P/E ratio of 35.96 and a beta of 1.29. Granite Construction Incorporated has a twelve month low of $89.80 and a twelve month high of $162.08. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The stock’s fifty day simple moving average is $138.90 and its 200 day simple moving average is $130.41.

Granite Construction (NYSE:GVA – Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The business had revenue of $912.47 million during the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. As a group, sell-side analysts predict that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed 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 of this dividend 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 14.99%.

Insider Activity

In other Granite Construction news, Director John Timothy Romer acquired 375 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the acquisition, the director directly owned 2,801 shares in the company, valued at $402,363.65. This represents a 15.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the sale, the senior vice president owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.88% of the stock is currently owned by insiders.

Granite Construction Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding GVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Granite Construction Incorporated (NYSE:GVA – Free Report).