Hood River Capital Management LLC Makes New $29.14 Million Investment in Granite Construction Incorporated (NYSE:GVA)

Hood River Capital Management LLC acquired a new stake in shares of Granite Construction Incorporated (NYSE:GVA) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 470,282 shares of the construction company’s stock, valued at approximately $29,143,000. Hood River Capital Management LLC owned about 1.07% of Granite Construction at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Rothschild Investment LLC purchased a new stake in Granite Construction in the second quarter worth approximately $33,000. Wellington Shields & Co. LLC boosted its stake in shares of Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after purchasing an additional 200 shares in the last quarter. Riverview Trust Co bought a new position in shares of Granite Construction during the 1st quarter valued at $107,000. Headlands Technologies LLC bought a new position in shares of Granite Construction during the 2nd quarter valued at $107,000. Finally, Bard Financial Services Inc. purchased a new position in Granite Construction in the 2nd quarter worth $215,000.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value 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 filing with the SEC, which is available through this link. Company insiders own 0.81% of the company’s stock.

Granite Construction Stock Performance

Shares of GVA stock opened at $80.28 on Monday. The company has a market capitalization of $3.54 billion, a P/E ratio of 136.07 and a beta of 1.39. Granite Construction Incorporated has a fifty-two week low of $33.74 and a fifty-two week high of $81.33. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.56 and a current ratio of 1.68. The stock has a 50 day moving average price of $70.94 and a two-hundred day moving average price of $63.03.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.41. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 earnings per share. Analysts expect that Granite Construction Incorporated will post 5.24 earnings per share for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Granite Construction Profile

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.