Corient Private Wealth LP Purchases Shares of 6,590 Granite Construction Incorporated $GVA

Corient Private Wealth LP bought a new stake in Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,590 shares of the construction company’s stock, valued at approximately $1,042,000.

Other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd raised its position in Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Root Financial Partners LLC increased its holdings in shares of Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after purchasing an additional 90 shares during the period. Quarry LP lifted its position in Granite Construction by 1,417.6% in the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock worth $57,000 after buying an additional 482 shares in the last quarter. Danske Bank A S purchased a new position in Granite Construction in the third quarter valued at about $77,000. Finally, Clearstead Advisors LLC lifted its stake in Granite Construction by 168.2% in the fourth quarter. Clearstead Advisors LLC now owns 869 shares of the construction company’s stock valued at $100,000 after acquiring an additional 545 shares during the last quarter.

Insider Transactions at Granite Construction

In other news, Director Carlos M. Hernandez acquired 400 shares of Granite Construction stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $123.99 per share, for a total transaction of $49,596.00. Following the transaction, the director owned 5,033 shares of the company’s stock, valued at $624,041.67. The trade was a 8.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Bradley Williams sold 6,734 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 value of $949,494.00. Following the sale, the senior vice president directly owned 7,041 shares in the company, valued at $992,781. The trade was a 48.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders bought 1,150 shares of company stock worth $156,636. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

GVA has been the topic of a number of recent analyst reports. Weiss Ratings lowered shares of Granite Construction from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Oppenheimer boosted their target price on shares of Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Stephens initiated coverage on Granite Construction in a research report on Friday, June 26th. They issued an “overweight” rating and a $180.00 price target on the stock. Finally, The Goldman Sachs Group dropped their price objective on Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Granite Construction has a consensus rating of “Hold” and an average target price of $158.50.

Granite Construction Price Performance

NYSE:GVA opened at $119.26 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. Granite Construction Incorporated has a one year low of $97.26 and a one year high of $162.08. The company has a fifty day moving average price of $127.34 and a 200 day moving average price of $130.37. The stock has a market cap of $5.22 billion, a P/E ratio of -27.67 and a beta of 1.32.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data 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 company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. Analysts anticipate that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

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.