Hsbc Holdings PLC Has $2.53 Million Stock Holdings in Granite Construction Incorporated $GVA

Hsbc Holdings PLC decreased its position in Granite Construction Incorporated (NYSE:GVA) by 85.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,824 shares of the construction company’s stock after selling 126,483 shares during the period. Hsbc Holdings PLC’s holdings in Granite Construction were worth $2,526,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GVA. Aster Capital Management DIFC Ltd grew its holdings in shares of Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Granite Construction in the fourth quarter valued at $29,000. Spire Wealth Management acquired a new position in shares of Granite Construction in the fourth quarter valued at $46,000. Torren Management LLC bought a new position in Granite Construction in the fourth quarter worth $56,000. Finally, Quarry LP lifted its position in Granite Construction by 1,417.6% in the third quarter. Quarry LP now owns 516 shares of the construction company’s stock worth $57,000 after purchasing an additional 482 shares during the period.

Granite Construction News Roundup

Here are the key news stories impacting Granite Construction this week:

• Negative Sentiment: Goldman Sachs reiterated a sell rating on Granite Construction and lowered its price target to $139 from $141, signaling limited upside and a more cautious view on the company’s near-term prospects.
• Negative Sentiment: Granite Construction was also downgraded by another analyst, adding to the pressure on the stock and reinforcing concerns about the infrastructure outlook.
• Neutral Sentiment: The company announced redemption of its 2028 convertible notes, a balance-sheet event that should reduce future debt obligations but is unlikely to be the main driver of trading today. Granite Construction Announces Redemption of 2028 Convertible Notes

Insider Activity at Granite Construction

In other news, Director John Timothy Romer acquired 375 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was bought at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the acquisition, the director owned 2,801 shares in the company, valued at approximately $402,363.65. This represents a 15.46% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael G. Tatusko sold 7,500 shares of Granite Construction stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the completion of the transaction, the senior vice president owned 29,787 shares of the company’s stock, valued at $4,199,967. This trade represents a 20.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.88% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group reissued a “sell” rating and issued a $139.00 price target (down from $141.00) on shares of Granite Construction in a report on Thursday. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Stephens initiated coverage on shares of Granite Construction in a research note on Friday, June 26th. They issued an “overweight” rating and a $180.00 target price on the stock. Finally, Oppenheimer started coverage on shares of Granite Construction in a research report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Granite Construction presently has an average rating of “Moderate Buy” and an average price target of $161.00.

Granite Construction Stock Performance

Shares of NYSE:GVA opened at $122.93 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97. The business’s fifty day moving average price is $141.41 and its two-hundred day moving average price is $130.07. Granite Construction Incorporated has a fifty-two week low of $89.80 and a fifty-two week high of $162.08. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 35.43 and a beta of 1.29.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The company had revenue of $912.47 million during the quarter, compared to analysts’ expectations of $782.26 million. During the same period last year, the business earned $0.01 earnings per share. The business’s revenue was up 30.4% on a year-over-year basis. As a group, analysts predict that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction’s dividend payout ratio (DPR) is currently 14.99%.

About Granite Construction

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.