According to a filing with the Securities and Exchange Commission (SEC) on September 14, 2023, Empower Advisory Group LLC has acquired a new position in Granite Construction Incorporated (NYSE:GVA). The advisory group purchased 363,910 shares of the construction company’s stock during the first quarter, amounting to a total value of approximately $14,997,000. This acquisition represents approximately 0.83% ownership of Granite Construction by Empower Advisory Group LLC at the end of the most recent quarter.
Granite Construction Incorporated is an infrastructure contractor and construction materials producer operating in the United States. The company operates through two primary segments – the Construction segment and the Materials segment. Its Construction segment focuses on projects involving road construction and rehabilitation, pavement preservation, bridge construction, rail line development, airport infrastructure development, marine port construction, dam construction, reservoir development, aqueducts implementation, general infrastructure projects and site development intended for public use.
As an infrastructure contractor, Granite Construction offers its expertise in various aspects of project development and execution. With a strong track record and experience in delivering high-quality projects on time and within budgetary constraints, Granite Construction has established itself as a reliable partner for both public and private sector clients.
In addition to its construction services, Granite Construction also operates as a producer of construction materials. By vertically integrating its operations with material production capabilities, the company ensures a steady supply of necessary resources for its own projects while also catering to external market demands for concrete products, asphalt mixes, aggregates and other essential building components.
The acquisition made by Empower Advisory Group LLC indicates confidence in Granite Construction’s future prospects. By investing a considerable amount in the company’s stock, Empower Advisory Group LLC displays faith in Granite Construction’s ability to generate returns over time.
It is worth noting that investments in construction companies can be influenced by various factors such as government infrastructure spending trends and fluctuations in economic conditions. As a result, investors should conduct thorough research and analysis before making any investment decisions in this sector.
For a more comprehensive understanding of Granite Construction Incorporated, interested parties can refer to the latest research report available on the company. This report will provide valuable insights into the company’s operations, financial performance, market positioning, growth strategies, and risk factors that potential investors should consider.
In conclusion, Empower Advisory Group LLC has acquired a significant position in Granite Construction Incorporated. As an infrastructure contractor and construction materials producer, Granite Construction offers its expertise in various aspects of project development and execution. The acquisition made by Empower Advisory Group LLC reflects confidence in Granite Construction’s potential for future growth and success. Potential investors are encouraged to conduct thorough research and analysis before making any investment decisions in this sector.
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Hedge Funds Increase Stakes in Granite Construction as Financial Performance Stays Strong
On September 14, 2023, various hedge funds made noteworthy adjustments to their positions in Granite Construction, a construction company traded on the New York Stock Exchange under the ticker symbol GVA. Putnam Investments LLC, for instance, increased its stake by 22.5% during the first quarter and now owns 102,998 shares worth $4,231,000. This was after acquiring an additional 18,906 shares over the past three months. American Trust also entered the scene and purchased a new stake in Granite Construction valued at approximately $226,000. Moreover, Advisory Services Network LLC raised its position by 37.3% during the same quarter and now holds 9,202 shares worth $378,000. Squarepoint Ops LLC jumped in and escalated its stake by 51.8%, bringing its total ownership to 31,321 shares valued at $1,287,000 as of the most recent quarter-end. Finally, First Trust Advisors LP increased its position in Granite Construction by 27.1%, currently owning 61,418 shares worth $2,523,000.
In other news related to Granite Construction Inc., StockNews.com initiated coverage on the company and issued a “hold” rating on August 17th.
As of Thursday’s opening bell on September 14th this year: GVA stock had an initial price of $38.81 per share. Over the past twelve months leading up to September 14th this year alone; Granite Construction experienced a low of $25.35 per share and reached as high as $44.15 per share during peak times within this period.
Granite Construction’s financial standing reflects a debt-to-equity ratio of 0.49 and current ratio of 1.72 along with a quick ratio of 1.61. Furthermore; based on historical data analysis performed using past prices for each respective trading day: Company’s stock fluctuated around an average of $41.27 during the past 50 days and the two-hundred-day moving average figure was approximately around $39.88.
The market capitalization for Granite Construction stands at a colossal $1.70 billion whereas the price-earnings (P/E) ratio is currently pegged at 39.60 and a beta of 1.42 emphasizing its relatively higher volatility when compared to the overall market.
During the previous quarterly earnings report on July 27th this year, Granite Construction announced an impressive earnings per share (EPS) of $1.03, surpassing market expectations by $0.20 per share where analysts had initially projected a consensus estimate of $0.83 EPS for that particular reporting period.
Additionally, Granite Construction reported a return on equity stat that amounted to 11.88% along with net margin figures that stood at 1.70% demonstrating its ability to generate profits despite potential market challenges and obstacles.
Total revenue generated by Granite Construction for that aforementioned quarter equated to an impressive amount of $898.55 million reflecting healthy financial performance on both the top line and bottom line respectively.
Looking ahead, industry experts forecast that Granite Construction Incorporated will post earnings per share of 2.84 for this current fiscal year, highlighting bullish sentiments among analysts and investors alike regarding future prospects for the company.
In conclusion, based on recent developments in shareholder positions and financial performance indicators, it is evident that there is growing interest in Granite Construction within various hedge funds as evidenced by their increased stakes in the company during the first quarter of this fiscal year.
