Gallo Partners LP Purchases Shares of 4,903 Granite Construction Incorporated $GVA

Gallo Partners LP purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,903 shares of the construction company’s stock, valued at approximately $775,000. Granite Construction makes up about 1.7% of Gallo Partners LP’s portfolio, making the stock its 25th biggest holding.

A number of other hedge funds have also recently made changes to their positions in GVA. Maryland State Retirement & Pension System grew its holdings in shares of Granite Construction by 1.3% during the 4th quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Root Financial Partners LLC raised its position in Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after purchasing an additional 90 shares during the period. GAMMA Investing LLC lifted its stake in Granite Construction by 3.0% in the second quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company’s stock worth $572,000 after purchasing an additional 107 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Granite Construction by 4.5% in the second quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock worth $263,000 after purchasing an additional 120 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in Granite Construction by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company’s stock valued at $575,000 after buying an additional 148 shares during the period.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $124.08 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. The company has a 50-day moving average price of $132.95 and a 200-day moving average price of $130.93. The company has a market cap of $5.43 billion, a price-to-earnings ratio of -28.79 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.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share (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 business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $1.42 earnings per share. The firm’s revenue for the quarter was up 28.8% compared to the same quarter last year. As a group, equities analysts anticipate that Granite Construction Incorporated will post 6.36 EPS for the current year.

Granite Construction Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GVA shares. Oppenheimer raised their price objective on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings raised Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Zacks Research upgraded Granite Construction to a “hold” rating in a report on Friday, May 29th. The Goldman Sachs Group reduced their price target on Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research report on Friday, July 31st. Finally, Stephens assumed coverage on Granite Construction in a research note on Friday, June 26th. They issued an “overweight” rating and a $180.00 price target on the stock. One equities 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 assigned a Sell rating to the company. According to data from MarketBeat, Granite Construction has a consensus rating of “Moderate Buy” and an average target price of $158.50.

Insiders Place Their Bets

In related news, Director Carlos M. Hernandez acquired 400 shares of Granite Construction stock in a transaction on Thursday, August 6th. The shares were acquired 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 in the company, valued at $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael G. Tatusko sold 7,500 shares of the business’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 $1,057,500.00. Following the transaction, the senior vice president owned 29,787 shares in the company, valued at $4,199,967. This represents a 20.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have bought a total of 1,150 shares of company stock valued at $156,636 in the last 90 days. 0.88% of the stock is owned by corporate insiders.

Granite Construction Company 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.