Caxton Associates LLP Acquires Shares of 17,602 Granite Construction Incorporated $GVA

Key Points

• Caxton Associates LLP acquired 17,602 shares of Granite Construction Inc. (NYSE:GVA), valued at approximately $1.33 million, during the 1st quarter.
• The company reported a quarterly EPS of $1.93, surpassing estimates, with revenue of $1.13 billion for the quarter.
• Wall Street Zen upgraded Granite Construction's rating from "hold" to "buy," amid mixed analyst assessments with a consensus rating of "sell."

Caxton Associates LLP acquired a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,602 shares of the construction company's stock, valued at approximately $1,327,000.

Other hedge funds have also modified their holdings of the company. Brevan Howard Capital Management LP acquired a new stake in Granite Construction in the fourth quarter valued at $220,000. EP Wealth Advisors LLC acquired a new stake in Granite Construction in the fourth quarter valued at $236,000. Deutsche Bank AG raised its stake in Granite Construction by 49.2% in the fourth quarter. Deutsche Bank AG now owns 39,344 shares of the construction company's stock valued at $3,451,000 after buying an additional 12,976 shares in the last quarter. Ethic Inc. raised its stake in Granite Construction by 37.2% in the fourth quarter. Ethic Inc. now owns 6,211 shares of the construction company's stock valued at $545,000 after buying an additional 1,685 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in Granite Construction in the fourth quarter valued at $214,000.

Granite Construction Stock Performance

Shares of GVA traded down $2.15 during midday trading on Friday, reaching $107.43. 249,089 shares of the stock were exchanged, compared to its average volume of 425,422. The business's 50-day moving average price is $101.80 and its 200 day moving average price is $89.19. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $112.16. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 35.11 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $1.73 earnings per share. The business's revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. Granite Construction's payout ratio is 16.99%.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the transaction, the senior vice president owned 29,241 shares of the company's stock, valued at $3,216,510. This trade represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $223,074.00. Following the transaction, the senior vice president directly owned 14,685 shares in the company, valued at approximately $1,617,699.60. This represents a 12.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,525 shares of company stock valued at $608,314 over the last quarter. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of "Sell" and an average target price of $76.00.

About Granite Construction

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.