RPG Investment Advisory LLC Has $18.02 Million Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

RPG Investment Advisory LLC cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 holdings, making the stock its 8th largest position. RPG Investment Advisory LLC owned approximately 0.66% of Granite Construction worth $18,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GVA. Choreo LLC purchased a new position in shares of Granite Construction in the second quarter worth approximately $223,000. Arizona State Retirement System raised its position in Granite Construction by 1.9% in the second quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock worth $763,000 after acquiring an additional 235 shares during the period. Convergence Investment Partners LLC purchased a new position in shares of Granite Construction during the 2nd quarter worth $745,000. Natixis Advisors LLC grew its position in shares of Granite Construction by 4.3% during the 2nd quarter. Natixis Advisors LLC now owns 12,906 shares of the construction company’s stock valued at $800,000 after acquiring an additional 530 shares during the period. Finally, D.A. Davidson & CO. grew its position in shares of Granite Construction by 4.5% during the 2nd quarter. D.A. Davidson & CO. now owns 65,697 shares of the construction company’s stock valued at $4,071,000 after acquiring an additional 2,819 shares during the period.

Analysts Set New Price Targets

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

Insider Activity

In related news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the completion of the sale, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.81% of the company’s stock.

Granite Construction Price Performance

NYSE GVA opened at $71.95 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 12 month low of $33.74 and a 12 month high of $75.36. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 121.95 and a beta of 1.39. The company’s 50 day moving average is $68.19 and its two-hundred day moving average is $61.41.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.32 by $0.41. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate 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 was up 20.5% on a year-over-year basis. During the same period last year, the firm earned $1.03 EPS. As a group, research analysts anticipate 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.