Alliancebernstein L.P. Sells 25,228 Shares of Granite Construction Incorporated $GVA

Key Points

• Alliancebernstein L.P. reduced its stake in Granite Construction by 2.6%, selling 25,228 shares, and now holds approximately 2.12% of the company, valued at about $69.97 million.
• Granite Construction's stock opened at $107.94, with a market cap of $4.73 billion and a price-to-earnings ratio of 35.27.
• Insider sales by senior vice president Brian R. Dowd and Michael G. Tatusko resulted in a decrease of their stakes, with a total of 5,525 shares sold in the past three months.

Alliancebernstein L.P. cut its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 927,927 shares of the construction company's stock after selling 25,228 shares during the period. Alliancebernstein L.P. owned approximately 2.12% of Granite Construction worth $69,966,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC boosted its holdings in Granite Construction by 11.0% during the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after purchasing an additional 263,302 shares during the last quarter. Hill City Capital LP boosted its holdings in Granite Construction by 1.1% during the first quarter. Hill City Capital LP now owns 1,060,048 shares of the construction company's stock worth $79,928,000 after purchasing an additional 11,110 shares during the last quarter. Invesco Ltd. boosted its holdings in Granite Construction by 12.4% during the first quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock worth $49,218,000 after purchasing an additional 72,175 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in Granite Construction by 22.7% during the first quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock worth $45,788,000 after purchasing an additional 112,371 shares during the last quarter. Finally, Boston Partners boosted its holdings in Granite Construction by 0.5% during the first quarter. Boston Partners now owns 587,209 shares of the construction company's stock worth $44,392,000 after purchasing an additional 2,811 shares during the last quarter.

Insider Buying and Selling 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 shares were sold at an average price of $110.16, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, the senior vice president directly owned 29,241 shares in the company, valued at approximately $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 a total of 5,525 shares of company stock worth $608,314 over the last three months. 1.00% of the stock is currently owned by insiders.

Granite Construction Stock Down 0.4%

GVA opened at $107.94 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 35.27 and a beta of 1.41. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $112.16. The company's 50-day moving average price is $100.33 and its two-hundred day moving average price is $88.30.

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

Analysts Set New Price Targets

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

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