Amundi Cuts Stake in Granite Construction Incorporated $GVA

Key Points

• Amundi has reduced its stake in Granite Construction Incorporated by 21.9%, now holding 17,537 shares worth approximately $1.31 million after selling 4,912 shares in the first quarter.
• Granite Construction reported earnings per share of $1.93 for the recent quarter, surpassing estimates of $1.77, while revenue reached $1.13 billion, slightly below expectations.
• The company announced a quarterly dividend of $0.13 per share, with an annualized yield of 0.5%, to be paid on October 15th to stockholders of record as of September 30th.

Amundi lessened its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 21.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,537 shares of the construction company's stock after selling 4,912 shares during the quarter. Amundi's holdings in Granite Construction were worth $1,314,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hill City Capital LP increased its stake in Granite Construction by 1.1% during the 1st quarter. Hill City Capital LP now owns 1,060,048 shares of the construction company's stock valued at $79,928,000 after purchasing an additional 11,110 shares in the last quarter. Invesco Ltd. boosted its holdings in Granite Construction by 12.4% during the 1st quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock worth $49,218,000 after acquiring an additional 72,175 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in Granite Construction by 22.7% during the 1st quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock worth $45,788,000 after acquiring an additional 112,371 shares during the last quarter. Boston Partners boosted its holdings in Granite Construction by 0.5% during the 1st quarter. Boston Partners now owns 587,209 shares of the construction company's stock worth $44,392,000 after acquiring an additional 2,811 shares during the last quarter. Finally, RPG Investment Advisory LLC boosted its holdings in Granite Construction by 106.6% during the 1st quarter. RPG Investment Advisory LLC now owns 472,566 shares of the construction company's stock worth $35,632,000 after acquiring an additional 243,875 shares during the last quarter.

Wall Street Analyst Weigh In

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

Granite Construction Stock Performance

NYSE GVA traded up $1.96 during trading on Thursday, hitting $109.56. 541,748 shares of the company's stock traded hands, compared to its average volume of 422,545. The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of 35.80 and a beta of 1.41. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $112.16. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The business has a 50 day moving average of $103.01 and a 200-day moving average of $89.89.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 21.64% and a net margin of 3.89%.The company's revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

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

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 2,000 shares of the company'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 value of $220,000.00. Following the transaction, the senior vice president directly owned 29,241 shares in the company, valued at approximately $3,216,510. This represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the company'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 $165,240.00. Following the completion of the transaction, the director owned 10,601 shares in the company, valued at approximately $1,167,806.16. This trade represents a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,525 shares of company stock worth $608,314. Insiders own 1.00% of the company's stock.

Granite Construction 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.