Bernzott Capital Advisors Has $6.55 Million Stock Holdings in Granite Construction Incorporated $GVA

Bernzott Capital Advisors decreased its position in Granite Construction Incorporated (NYSE:GVA) by 7.4% during the 1st quarter, HoldingsChannel reports. The fund owned 54,682 shares of the construction company’s stock after selling 4,384 shares during the quarter. Granite Construction comprises about 3.1% of Bernzott Capital Advisors’ portfolio, making the stock its 15th largest holding. Bernzott Capital Advisors’ holdings in Granite Construction were worth $6,555,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Millennium Management LLC raised its holdings in shares of Granite Construction by 8.9% in the third quarter. Millennium Management LLC now owns 1,602,382 shares of the construction company’s stock valued at $175,701,000 after purchasing an additional 131,360 shares during the last quarter. Mizuho Markets Cayman LP boosted its holdings in Granite Construction by 569.9% during the third quarter. Mizuho Markets Cayman LP now owns 1,339,818 shares of the construction company’s stock worth $151,064,000 after purchasing an additional 1,139,818 shares during the last quarter. Wasatch Advisors LP boosted its holdings in Granite Construction by 12.4% during the third quarter. Wasatch Advisors LP now owns 861,770 shares of the construction company’s stock worth $94,493,000 after purchasing an additional 94,902 shares during the last quarter. Cartenna Capital LP grew its position in Granite Construction by 17.2% in the fourth quarter. Cartenna Capital LP now owns 715,000 shares of the construction company’s stock valued at $82,475,000 after purchasing an additional 105,000 shares in the last quarter. Finally, Nuveen LLC grew its position in Granite Construction by 9.4% in the fourth quarter. Nuveen LLC now owns 662,832 shares of the construction company’s stock valued at $76,458,000 after purchasing an additional 57,072 shares in the last quarter.

Granite Construction Stock Down 12.2%

Granite Construction stock opened at $126.08 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The company’s 50-day moving average is $141.40 and its 200-day moving average is $130.12. The firm has a market capitalization of $5.52 billion, a PE ratio of 36.33 and a beta of 1.29. Granite Construction Incorporated has a fifty-two week low of $89.80 and a fifty-two week high of $162.08.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 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%.Granite Construction’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. Sell-side analysts anticipate that Granite Construction Incorporated will post 6.14 earnings per share for the current year.

Granite Construction Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be 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 of this dividend is Tuesday, June 30th. Granite Construction’s dividend payout ratio (DPR) is presently 14.99%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Stephens started coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price target on the stock. The Goldman Sachs Group restated a “sell” rating and issued a $139.00 price objective (down from $141.00) on shares of Granite Construction in a report on Thursday. Zacks Research raised Granite Construction to a “hold” rating in a research report on Friday, May 29th. Weiss Ratings upgraded Granite Construction from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday. Finally, Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Granite Construction presently has an average rating of “Moderate Buy” and a consensus target price of $161.00.

Insider Transactions at Granite Construction

In related news, SVP Bradley Jay Williams sold 6,734 shares of the business’s 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 $949,494.00. Following the transaction, the senior vice president directly owned 7,041 shares of the company’s stock, valued at approximately $992,781. The trade was a 48.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of the business’s 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 $1,057,500.00. Following the transaction, the senior vice president directly owned 29,787 shares in the company, valued at $4,199,967. The trade was 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 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.