Advisors Asset Management Inc. Boosts Stake in Granite Construction Incorporated $GVA

Key Points

• Advisors Asset Management Inc. increased its stake in Granite Construction by 4.9%, acquiring an additional 5,241 shares, bringing its total ownership to 111,843 shares valued at $8,433,000.
• Granite Construction experienced a quarterly earnings beat with $1.93 EPS, exceeding analyst expectations of $1.77, while revenues were slightly below estimates at $1.13 billion.
• Analysts have upgraded Granite Construction from a "hold" to a "buy" rating, although the stock currently holds an average rating of "Sell" with a price target of $76.00.

Advisors Asset Management Inc. increased its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 4.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 111,843 shares of the construction company's stock after buying an additional 5,241 shares during the quarter. Advisors Asset Management Inc. owned about 0.26% of Granite Construction worth $8,433,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GVA. Northern Trust Corp grew its holdings in shares of Granite Construction by 17.9% during the fourth quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock worth $50,818,000 after buying an additional 87,783 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Granite Construction by 119.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,297 shares of the construction company's stock valued at $1,166,000 after purchasing an additional 7,239 shares in the last quarter. Ameriprise Financial Inc. increased its position in Granite Construction by 10.6% during the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock worth $46,959,000 after purchasing an additional 51,520 shares during the period. Balyasny Asset Management L.P. increased its position in Granite Construction by 129.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 125,633 shares of the construction company's stock worth $11,019,000 after purchasing an additional 70,770 shares during the period. Finally, Caxton Associates LP acquired a new position in Granite Construction during the 4th quarter worth approximately $817,000.

Wall Street Analyst Weigh In

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

Granite Construction Stock Performance

NYSE GVA traded down $1.34 on Tuesday, hitting $106.83. 78,348 shares of the company's stock were exchanged, compared to its average volume of 611,684. The firm's 50-day moving average price is $100.63 and its two-hundred day moving average price is $88.51. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 34.90 and a beta of 1.40. 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 fifty-two week low of $69.08 and a fifty-two week high of $112.16.

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

Insider Transactions at Granite Construction

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

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.