Convergence Investment Partners LLC Reduces Position in Granite Construction Incorporated $GVA

Convergence Investment Partners LLC reduced its holdings in Granite Construction Incorporated (NYSE:GVA) by 41.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,917 shares of the construction company’s stock after selling 4,940 shares during the period. Convergence Investment Partners LLC’s holdings in Granite Construction were worth $758,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GVA. Root Financial Partners LLC acquired a new stake in Granite Construction in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Granite Construction in the third quarter valued at approximately $42,000. Federated Hermes Inc. lifted its position in Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after buying an additional 212 shares in the last quarter. Blue Trust Inc. lifted its position in Granite Construction by 31.5% during the third quarter. Blue Trust Inc. now owns 898 shares of the construction company’s stock worth $98,000 after buying an additional 215 shares in the last quarter. Finally, CWM LLC boosted its stake in Granite Construction by 64.7% during the second quarter. CWM LLC now owns 1,110 shares of the construction company’s stock worth $104,000 after buying an additional 436 shares during the last quarter.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group raised their target price on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, January 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Granite Construction in a research note on Monday, December 29th. Zacks Research upgraded shares of Granite Construction from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, DA Davidson increased their price target on shares of Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $127.00.

Granite Construction Trading Up 2.2%

Shares of GVA stock opened at $123.34 on Tuesday. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $124.99. The firm has a market cap of $5.38 billion, a PE ratio of 35.54 and a beta of 1.34. The company has a 50-day moving average of $116.30 and a two-hundred day moving average of $108.73. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.12.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, November 6th. The construction company reported $2.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.14. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.51 billion. Granite Construction had a net margin of 4.31% and a return on equity of 24.04%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 EPS. On average, analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction’s dividend payout ratio is 14.99%.

Insider Activity

In related news, Director Celeste Beeks Mastin sold 7,614 shares of Granite Construction stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $105.23, for a total value of $801,221.22. Following the completion of the transaction, the director owned 10,206 shares in the company, valued at approximately $1,073,977.38. The trade was a 42.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.