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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC boosted its stake in shares of Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after buying an additional 257 shares during the last quarter. Rothschild Investment LLC lifted its stake in Granite Construction by 80.3% in the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after purchasing an additional 285 shares during the last quarter. CWM LLC lifted its stake in Granite Construction by 26.5% in the first quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after purchasing an additional 141 shares during the last quarter. Blue Trust Inc. lifted its stake in Granite Construction by 40.5% in the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Granite Construction by 53.0% in the first quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after purchasing an additional 296 shares during the last quarter.

Analyst Upgrades and Downgrades

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, Granite Construction presently has a consensus rating of "Sell" and an average target price of $76.00.

Insider Transactions at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction 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 transaction, the senior vice president owned 14,685 shares of the company's stock, valued at approximately $1,617,699.60. This represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the company's stock in a transaction 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 directly owned 10,601 shares in the company, valued at approximately $1,167,806.16. The trade was a 12.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is currently owned by company insiders.

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $0.91 during trading on Tuesday, hitting $108.46. 780,890 shares of the company were exchanged, compared to its average volume of 608,973. The company has a market cap of $4.75 billion, a PE ratio of 35.44 and a beta of 1.40. The stock has a 50 day moving average of $102.12 and a 200 day moving average of $89.44. Granite Construction Incorporated has a 52-week low of $69.08 and a 52-week high of $112.16. 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 (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.16. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter 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 predict that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

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

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.