Fisher Asset Management LLC Decreases Holdings in Granite Construction Incorporated $GVA

Fisher Asset Management LLC reduced its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 4.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,976 shares of the construction company’s stock after selling 15,529 shares during the period. Fisher Asset Management LLC’s holdings in Granite Construction were worth $40,024,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GVA. AQR Capital Management LLC raised its position in shares of Granite Construction by 73.2% during the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock worth $1,612,000 after purchasing an additional 9,038 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Granite Construction during the 1st quarter worth approximately $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Granite Construction by 21.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company’s stock worth $12,732,000 after purchasing an additional 29,428 shares during the last quarter. Marshall Wace LLP raised its position in shares of Granite Construction by 2,423.4% during the 2nd quarter. Marshall Wace LLP now owns 89,882 shares of the construction company’s stock worth $8,405,000 after purchasing an additional 86,320 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Granite Construction during the 2nd quarter worth approximately $229,000.

Insider Buying and Selling at Granite Construction

In other news, CEO Kyle T. Larkin sold 26,651 shares of the business’s stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the completion of the sale, the chief executive officer directly owned 114,881 shares of the company’s stock, valued at $13,569,743.72. The trade was a 18.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Staci M. Woolsey sold 1,523 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the sale, the chief financial officer directly owned 18,954 shares of the company’s stock, valued at $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,488 shares of company stock valued at $4,207,042 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

GVA has been the subject of several research reports. DA Davidson lifted their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings downgraded Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. The Goldman Sachs Group boosted their price target on Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Finally, Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $139.50.

Granite Construction Trading Up 2.7%

Shares of GVA opened at $133.51 on Wednesday. The stock has a fifty day moving average of $127.49 and a two-hundred day moving average of $121.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The company has a market capitalization of $5.84 billion, a PE ratio of 38.48 and a beta of 1.35. Granite Construction Incorporated has a fifty-two week low of $87.72 and a fifty-two week high of $145.00.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of ($0.77) by $1.03. The company had revenue of $912.47 million during the quarter, compared to the consensus estimate of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.Granite Construction’s revenue was up 30.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.01 EPS.

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.