Squarepoint Ops LLC Purchases 64,007 Shares of Granite Construction Incorporated $GVA

Squarepoint Ops LLC increased its position in shares of Granite Construction Incorporated (NYSE:GVA) by 39.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 228,163 shares of the construction company’s stock after purchasing an additional 64,007 shares during the period. Squarepoint Ops LLC’s holdings in Granite Construction were worth $36,068,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GVA. Aster Capital Management DIFC Ltd boosted its holdings 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 acquiring an additional 200 shares during the period. Root Financial Partners LLC increased its stake 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 purchasing an additional 90 shares during the period. Quarry LP lifted its position 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 worth $57,000 after purchasing an additional 482 shares during the last quarter. Danske Bank A S bought a new stake in shares of Granite Construction during the third quarter worth $77,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Granite Construction during the second quarter valued at $86,000.

Insider Activity at Granite Construction

In other news, Director John Timothy Romer bought 375 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $143.65 per share, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carlos M. Hernandez purchased 400 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the completion of the acquisition, the director directly owned 5,033 shares of the company’s stock, valued at $624,041.67. This represents a 8.63% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 1,150 shares of company stock valued at $156,636. Insiders own 0.88% of the company’s stock.

Granite Construction Stock Performance

Shares of GVA stock opened at $118.98 on Wednesday. The business has a fifty day moving average of $125.77 and a 200 day moving average of $130.21. Granite Construction Incorporated has a 1 year low of $97.26 and a 1 year high of $162.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of -27.60 and a beta of 1.32.

Granite Construction (NYSE:GVA) last issued its 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 firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. Granite Construction’s quarterly revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 EPS. As a group, research analysts expect that Granite Construction Incorporated will post 6.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group dropped their price target on Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research report on Friday, July 31st. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Stephens initiated coverage on shares of Granite Construction in a report on Friday, June 26th. They issued an “overweight” rating and a $180.00 price target for the company. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. Finally, Oppenheimer lifted their price objective on shares of Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $158.50.

Granite Construction 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.