RPg Family Wealth Advisory LLC Boosts Stock Position in Granite Construction Incorporated $GVA

RPg Family Wealth Advisory LLC increased its holdings in Granite Construction Incorporated (NYSE:GVA) by 9.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,225 shares of the construction company’s stock after purchasing an additional 4,097 shares during the quarter. Granite Construction makes up approximately 1.2% of RPg Family Wealth Advisory LLC’s holdings, making the stock its 28th largest holding. RPg Family Wealth Advisory LLC owned about 0.11% of Granite Construction worth $7,781,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC boosted its holdings in Granite Construction by 66.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 83,736 shares of the construction company’s stock valued at $13,237,000 after acquiring an additional 33,305 shares in the last quarter. Toth Financial Advisory Corp raised its holdings in Granite Construction by 14.4% in the 2nd quarter. Toth Financial Advisory Corp now owns 11,670 shares of the construction company’s stock worth $1,845,000 after purchasing an additional 1,465 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Granite Construction by 229.5% in the second quarter. Hsbc Holdings PLC now owns 13,122 shares of the construction company’s stock worth $2,092,000 after buying an additional 9,140 shares during the period. Kingsview Wealth Management LLC purchased a new position in Granite Construction during the 2nd quarter valued at about $555,000. Finally, Empowered Funds LLC purchased a new position in shares of Granite Construction during the second quarter valued at approximately $262,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a report on Friday, July 31st. Zacks Research raised Granite Construction to a “hold” rating in a research report on Friday, May 29th. Stephens assumed coverage on Granite Construction in a research report on Friday, June 26th. They issued an “overweight” rating and a $180.00 price objective on the stock. Oppenheimer increased their target price on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $158.50.

Insider Activity at Granite Construction

In related news, Director John Timothy Romer bought 375 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was acquired at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the purchase, the director owned 2,801 shares in the company, valued at approximately $402,363.65. This represents a 15.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bradley Jay Williams sold 6,734 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $949,494.00. Following the transaction, the senior vice president directly owned 7,041 shares in the company, valued at $992,781. The trade was a 48.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have acquired a total of 1,150 shares of company stock valued at $156,636 in the last quarter. 0.88% of the stock is currently owned by corporate insiders.

Granite Construction Stock Performance

Shares of NYSE GVA opened at $122.71 on Monday. The firm’s 50-day moving average price is $130.84 and its 200-day moving average price is $130.80. 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 $5.37 billion, a PE ratio of -28.47 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 announced its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The business’s revenue was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.42 earnings per share. As a group, analysts anticipate that Granite Construction Incorporated will post 6.36 EPS for the current year.

Granite Construction Announces Dividend

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%.

About Granite Construction

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.