Systematic Financial Management LP Sells 10,597 Shares of Granite Construction Incorporated $GVA

Systematic Financial Management LP cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 2.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 525,292 shares of the construction company’s stock after selling 10,597 shares during the period. Granite Construction makes up about 1.4% of Systematic Financial Management LP’s holdings, making the stock its 8th biggest position. Systematic Financial Management LP’s holdings in Granite Construction were worth $62,972,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GVA. Aster Capital Management DIFC Ltd boosted its position in shares of Granite Construction by 512.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in Granite Construction during the 4th quarter worth about $29,000. Root Financial Partners LLC lifted its stake in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after buying an additional 90 shares in the last quarter. Spire Wealth Management purchased a new stake in Granite Construction during the fourth quarter valued at about $46,000. Finally, Torren Management LLC acquired a new position in shares of Granite Construction in the fourth quarter worth about $56,000.

Granite Construction Trading Up 0.5%

Shares of NYSE GVA opened at $126.33 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 0.80. Granite Construction Incorporated has a one year low of $89.80 and a one year high of $162.08. The business has a 50-day moving average price of $138.26 and a two-hundred day moving average price of $130.54. The firm has a market capitalization of $5.53 billion, a PE ratio of 36.41 and a beta of 1.29.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $1.03. The company had revenue of $912.47 million for 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%.The firm’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 EPS. As a group, analysts predict that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction’s payout ratio is presently 14.99%.

Insider Activity at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $1,057,500.00. Following the completion of the sale, the senior vice president owned 29,787 shares in the company, valued at $4,199,967. This represents a 20.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 cost of $143.65 per share, with a total value of $53,868.75. Following the purchase, the director directly owned 2,801 shares in the company, valued at approximately $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.88% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

GVA has been the topic of several analyst reports. Stephens began coverage on shares of Granite Construction in a research report on Friday, June 26th. They issued an “overweight” rating and a $180.00 target price on the stock. The Goldman Sachs Group restated a “sell” rating and issued a $139.00 price target (down from $141.00) on shares of Granite Construction in a research report on Thursday, July 9th. Weiss Ratings lowered shares of Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. One 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $161.00.

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.