Hsbc Holdings PLC Makes New Investment in Granite Construction Incorporated $GVA

Hsbc Holdings PLC bought a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 13,122 shares of the construction company’s stock, valued at approximately $2,092,000.

Other large investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd grew its holdings in shares of Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Root Financial Partners LLC boosted its position in Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after buying an additional 90 shares during the period. Quarry LP grew its holdings in Granite Construction by 1,417.6% during the 3rd quarter. Quarry LP now owns 516 shares of the construction company’s stock worth $57,000 after acquiring an additional 482 shares during the last quarter. Danske Bank A S acquired a new position in Granite Construction in the 3rd quarter valued at approximately $77,000. Finally, Clearstead Advisors LLC raised its stake in shares of Granite Construction by 168.2% during the fourth quarter. Clearstead Advisors LLC now owns 869 shares of the construction company’s stock valued at $100,000 after acquiring an additional 545 shares during the last quarter.

Insider Activity at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction 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 directly owned 29,787 shares of the company’s stock, valued at approximately $4,199,967. The trade was a 20.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Bradley Jay Williams sold 6,734 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $949,494.00. Following the transaction, the senior vice president owned 7,041 shares in the company, valued at $992,781. This represents a 48.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have purchased 1,150 shares of company stock worth $156,636 over the last quarter. 0.88% of the stock is currently owned by insiders.

Granite Construction Stock Up 0.2%

Shares of Granite Construction stock opened at $122.71 on Monday. The stock’s 50-day moving average is $130.84 and its 200 day moving average is $130.80. Granite Construction Incorporated has a one year low of $97.26 and a one year high of $162.08. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of -28.47 and a beta of 1.33. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94.

Granite Construction (NYSE:GVA) last issued its 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). The business 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 company’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Equities research 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. Investors of record on Tuesday, June 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction’s payout ratio is presently -12.06%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Weiss Ratings upgraded Granite Construction from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. Stephens began coverage on Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 price objective for the company. Oppenheimer lifted their price objective on Granite Construction from $170.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Wall Street Zen cut Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Zacks Research upgraded shares of Granite Construction to a “hold” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $158.50.

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.