UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stake in Granite Construction Incorporated $GVA

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in Granite Construction Incorporated (NYSE:GVA) by 8.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 118,598 shares of the construction company’s stock after selling 10,469 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.27% of Granite Construction worth $18,748,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GVA. Hill City Capital LP purchased a new stake in Granite Construction during the second quarter worth $175,508,000. Leuthold Group LLC raised its position in shares of Granite Construction by 1,591.8% in the fourth quarter. Leuthold Group LLC now owns 45,223 shares of the construction company’s stock worth $5,216,000 after acquiring an additional 42,550 shares during the period. Empowered Funds LLC acquired a new position in shares of Granite Construction in the first quarter worth about $1,160,000. Great Lakes Advisors LLC purchased a new stake in shares of Granite Construction during the 2nd quarter worth about $5,104,000. Finally, EFG International AG purchased a new stake in shares of Granite Construction during the 2nd quarter worth about $6,424,000.

Insider Transactions at Granite Construction

In other news, Director John Timothy Romer bought 375 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the completion of the transaction, the director directly owned 2,801 shares in the company, valued at $402,363.65. The trade was a 15.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carlos M. Hernandez purchased 400 shares of the stock in a transaction dated Thursday, August 6th. The stock was purchased at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the purchase, the director directly owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. The trade was a 8.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have acquired 1,150 shares of company stock worth $156,636. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GVA has been the subject of several recent analyst reports. 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 for the company. Weiss Ratings downgraded Granite Construction from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. 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 report on Friday, July 31st. Oppenheimer boosted their price objective on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $158.50.

Granite Construction Stock Down 0.2%

GVA stock opened at $119.26 on Friday. Granite Construction Incorporated has a 52 week low of $97.26 and a 52 week high of $162.08. 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 firm has a 50-day simple moving average of $127.34 and a 200-day simple moving average of $130.37. The stock has a market capitalization of $5.22 billion, a P/E ratio of -27.67 and a beta of 1.32.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. Equities analysts forecast that Granite Construction Incorporated will post 6.36 earnings per share for the current fiscal year.

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.