Convergence Investment Partners LLC Makes New $745,000 Investment in Granite Construction Incorporated (NYSE:GVA)

Convergence Investment Partners LLC acquired a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the second quarter, according to its most recent filing with the SEC. The fund acquired 12,015 shares of the construction company’s stock, valued at approximately $745,000.

Other hedge funds also recently bought and sold shares of the company. EFG Asset Management North America Corp. lifted its position in Granite Construction by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock worth $2,365,000 after buying an additional 180 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Granite Construction by 2.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,379 shares of the construction company’s stock valued at $426,000 after buying an additional 187 shares during the last quarter. Wellington Shields & Co. LLC increased its holdings in shares of Granite Construction by 30.8% in the first quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after buying an additional 200 shares during the period. 1492 Capital Management LLC increased its holdings in shares of Granite Construction by 0.7% in the fourth quarter. 1492 Capital Management LLC now owns 41,068 shares of the construction company’s stock worth $2,089,000 after buying an additional 275 shares during the period. Finally, Alpha Cubed Investments LLC boosted its holdings in Granite Construction by 7.2% during the 2nd quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock valued at $282,000 after acquiring an additional 305 shares during the period.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised their price target on shares of Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a report on Friday, August 2nd.

Granite Construction Trading Up 1.6 %

Shares of GVA opened at $75.16 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. Granite Construction Incorporated has a 1-year low of $33.74 and a 1-year high of $75.36. The firm’s 50-day moving average price is $67.14 and its 200-day moving average price is $60.66. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 127.39 and a beta of 1.41.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.41. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS. Sell-side analysts anticipate that Granite Construction Incorporated will post 5.24 EPS for the current year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Friday, June 28th. Granite Construction’s payout ratio is 88.14%.

Insider Activity at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the sale, the senior vice president now directly owns 21,943 shares in the company, valued at approximately $1,518,894.46. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.81% of the stock is owned by insiders.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.