RPG Investment Advisory LLC Trims Position in Granite Construction Incorporated (NYSE:GVA)

RPG Investment Advisory LLC cut its position in shares of Granite Construction Incorporated (NYSE:GVA) by 1.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 290,769 shares of the construction company’s stock after selling 4,253 shares during the period. Granite Construction comprises approximately 2.7% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 8th biggest holding. RPG Investment Advisory LLC’s holdings in Granite Construction were worth $18,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in GVA. Wasatch Advisors LP increased its position in Granite Construction by 637.4% in the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock worth $53,523,000 after purchasing an additional 809,803 shares during the last quarter. Norges Bank purchased a new position in shares of Granite Construction in the 4th quarter worth $13,755,000. Frontier Capital Management Co. LLC increased its holdings in shares of Granite Construction by 21.6% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock worth $70,596,000 after buying an additional 246,154 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Granite Construction during the 4th quarter valued at about $3,814,000. Finally, Raymond James & Associates lifted its holdings in shares of Granite Construction by 208.9% in the 1st quarter. Raymond James & Associates now owns 110,773 shares of the construction company’s stock valued at $6,328,000 after acquiring an additional 74,912 shares during the last quarter.

Insider Buying and Selling at Granite Construction

In other news, SVP Michael G. Tatusko sold 5,000 shares of the 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 $1,518,894.46. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group boosted their price objective on Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd.

Granite Construction Stock Up 0.8 %

NYSE GVA opened at $71.95 on Tuesday. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75. Granite Construction Incorporated has a 52 week low of $33.74 and a 52 week high of $75.36. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 121.95 and a beta of 1.39. The company has a fifty day moving average of $68.19 and a two-hundred day moving average of $61.41.

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

Granite Construction Company 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.