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

Gallo Partners LP bought a new stake in shares of Granite Construction Incorporated (NYSE:GVA) in the 2nd quarter, Holdings Channel reports. The firm bought 4,903 shares of the construction company’s stock, valued at approximately $775,000. Granite Construction accounts for about 1.7% of Gallo Partners LP’s portfolio, making the stock its 25th largest holding.

A number of other hedge funds have also recently made changes to their positions in GVA. Aster Capital Management DIFC Ltd increased its position in Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after buying an additional 200 shares in the last quarter. Root Financial Partners LLC boosted its holdings in Granite Construction by 30.9% in the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after acquiring an additional 90 shares in the last quarter. Torren Management LLC purchased a new stake in shares of Granite Construction in the fourth quarter worth $56,000. Quarry LP increased its holdings in shares of Granite Construction by 1,417.6% during the third quarter. Quarry LP now owns 516 shares of the construction company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Finally, Danske Bank A S purchased a new position in shares of Granite Construction in the 3rd quarter worth about $77,000.

Wall Street Analyst Weigh In

GVA has been the topic of several recent analyst reports. Oppenheimer increased their price objective on shares of Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. The Goldman Sachs Group dropped their target price on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research note on Friday, July 31st. 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. Finally, Weiss Ratings raised shares of Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $158.50.

Granite Construction Stock Performance

Shares of NYSE GVA opened at $124.08 on Monday. The firm’s 50-day moving average price is $132.95 and its 200-day moving average price is $130.93. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The company has a market cap of $5.43 billion, a PE ratio of -28.79 and a beta of 1.33. Granite Construction Incorporated has a 52-week low of $97.26 and a 52-week high of $162.08.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.09). Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. As a group, analysts anticipate that Granite Construction Incorporated will post 6.36 EPS for the current year.

Granite Construction Dividend Announcement

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

Insider Activity at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 7,500 shares of the business’s stock in a transaction on 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 completion of the sale, the senior vice president directly owned 29,787 shares in the company, valued at approximately $4,199,967. The trade was a 20.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Timothy Romer bought 375 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were bought at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the purchase, the director owned 2,801 shares in the company, valued at approximately $402,363.65. The trade was a 15.46% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 1,150 shares of company stock worth $156,636. Company insiders own 0.88% of the company’s stock.

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.