Rutabaga Capital Managementma Lowers stake in Granite Construction (GVA)

Granite Construction (GVA) : Rutabaga Capital Managementma reduced its stake in Granite Construction by 9.36% during the most recent quarter end. The investment management company now holds a total of 331,589 shares of Granite Construction which is valued at $16,602,661 after selling 34,250 shares in Granite Construction , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Granite Construction makes up approximately 2.87% of Rutabaga Capital Managementma’s portfolio.

Other Hedge Funds, Including , Mutual Of America Capital Management boosted its stake in GVA in the latest quarter, The investment management firm added 2,614 additional shares and now holds a total of 30,338 shares of Granite Construction which is valued at $1,519,024. Granite Construction makes up approx 0.03% of Mutual Of America Capital Management’s portfolio. Rail-splitter Capital Management added GVA to its portfolio by purchasing 221,692 company shares during the most recent quarter which is valued at $11,100,118. Granite Construction makes up approx 2.57% of Rail-splitter Capital Management’s portfolio. Spot Trading L.l.c added GVA to its portfolio by purchasing 3,490 company shares during the most recent quarter which is valued at $174,744. Granite Construction makes up approx 0.02% of Spot Trading L.l.c’s portfolio. Dorsey Wright Associates added GVA to its portfolio by purchasing 33,288 company shares during the most recent quarter which is valued at $1,601,819. Granite Construction makes up approx 0.83% of Dorsey Wright Associates’s portfolio.Ls Investment Advisors boosted its stake in GVA in the latest quarter, The investment management firm added 1,060 additional shares and now holds a total of 2,453 shares of Granite Construction which is valued at $118,038. Granite Construction makes up approx 0.01% of Ls Investment Advisors’s portfolio.

Granite Construction closed down -0.16 points or -0.31% at $50.67 with 1,23,381 shares getting traded on Monday. Post opening the session at $50.76, the shares hit an intraday low of $50.58 and an intraday high of $51.11 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Granite Construction reported $0.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Jul 29, 2016. Analyst had a consensus of $0.45. The company had revenue of $604.60 million for the quarter, compared to analysts expectations of $632.12 million. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS.

Many Wall Street Analysts have commented on Granite Construction. Company shares were Reiterated by FBR Capital on Aug 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 60 from a previous price target of $48 .Company shares were Upgraded by Seaport Global Securities on Aug 1, 2016 to ” Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $49 .Company shares were Reiterated by MKM Partners on Aug 1, 2016 to “Buy”, Firm has raised the Price Target to $ 56 from a previous price target of $55 .

Granite Construction Incorporated (Granite) is a heavy civil contractors and construction materials producer in the United States. The Company operates through segments including Construction Large Project Construction and Construction Materials. The Company operates across the nation serving both public and private sector clients. Within the public sector it concentrates on heavy-civil infrastructure projects including the construction of streets roads highways mass transit facilities airport infrastructure bridges trenchless and underground utilities power-related facilities utilities tunnels dams and other infrastructure-related projects. Within the private sector the Company offers site preparation and infrastructure services for residential development energy development commercial and industrial sites and other facilities as well as provides construction management professional services.

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