Asset Management One Co. Ltd. Sells 10,308 Shares of Granite Construction Incorporated $GVA

Key Points

• Asset Management One reduced its stake in Granite Construction by 14.5%, selling 10,308 shares and now holding 60,690 shares valued at about $7.17 million.
• Granite reported an earnings beat for the quarter with EPS $1.40 vs. $1.34 and revenue of $1.17 billion (vs. $1.15B expected), a 19.2% year‑over‑year revenue increase.
• Insiders have been net sellers, offloading 35,488 shares (~$4.21 million) in the past 90 days, including CEO Kyle Larkin's sale of 26,651 shares, leaving insiders with roughly 1% ownership.

Asset Management One Co. Ltd. decreased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,690 shares of the construction company's stock after selling 10,308 shares during the period. Asset Management One Co. Ltd. owned approximately 0.14% of Granite Construction worth $7,167,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its stake in Granite Construction by 41.5% during the third quarter. AlphaQuest LLC now owns 38,809 shares of the construction company's stock worth $4,255,000 after purchasing an additional 11,385 shares during the last quarter. 12th Street Asset Management Company LLC bought a new stake in shares of Granite Construction in the 3rd quarter valued at about $6,799,000. Oliver Luxxe Assets LLC bought a new stake in shares of Granite Construction in the 4th quarter valued at about $1,783,000. Boothbay Fund Management LLC lifted its stake in shares of Granite Construction by 9.1% in the 3rd quarter. Boothbay Fund Management LLC now owns 160,331 shares of the construction company's stock valued at $17,580,000 after acquiring an additional 13,401 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co purchased a new position in Granite Construction during the 3rd quarter valued at about $2,013,000.

Wall Street Analyst Weigh In

GVA has been the topic of a number of research analyst reports. Zacks Research upgraded Granite Construction from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. Weiss Ratings restated a "buy (b)" rating on shares of Granite Construction in a report on Monday, December 29th. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. The Goldman Sachs Group boosted their price target on Granite Construction from $109.00 to $124.00 and gave the company a "neutral" rating in a report on Wednesday, January 28th. Finally, DA Davidson boosted their price target on Granite Construction from $130.00 to $155.00 and gave the company a "buy" rating in a report on Friday, February 13th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $139.50.

Granite Construction Stock Down 2.0%

GVA stock opened at $121.50 on Thursday. Granite Construction Incorporated has a fifty-two week low of $76.57 and a fifty-two week high of $137.24. The business's 50 day moving average price is $125.83 and its two-hundred day moving average price is $117.10. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 33.20 and a beta of 1.30.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.06. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The business's revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 EPS.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a $0.13 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction's dividend payout ratio is presently 14.21%.

Insider Activity at Granite Construction

In related news, CEO Kyle T. Larkin sold 26,651 shares of the company's stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the transaction, the chief executive officer directly owned 114,881 shares of the company's stock, valued at approximately $13,569,743.72. This represents a 18.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Staci M. Woolsey sold 1,523 shares of the company's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the transaction, the chief financial officer directly owned 18,954 shares in the company, valued at $2,271,447.36. This trade represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,488 shares of company stock worth $4,207,042 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.

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