Bayforest Capital Ltd Decreases Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• Bayforest Capital Ltd significantly reduced its holdings in Granite Construction, selling 7,060 shares and now owning only 2,152 shares, a decrease of 76.6%.
• Granite Construction reported an earnings per share of $1.93 for the last quarter, surpassing analysts' expectations, while quarterly revenue was $1.13 billion.
• Several hedge funds have recently initiated or increased their stakes in Granite Construction, indicating a potential interest from institutional investors in the construction firm.

Bayforest Capital Ltd decreased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 76.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,152 shares of the construction company's stock after selling 7,060 shares during the quarter. Bayforest Capital Ltd's holdings in Granite Construction were worth $201,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Moran Wealth Management LLC purchased a new stake in Granite Construction during the second quarter valued at $206,000. Yousif Capital Management LLC raised its stake in Granite Construction by 2.2% during the second quarter. Yousif Capital Management LLC now owns 16,508 shares of the construction company's stock valued at $1,544,000 after purchasing an additional 362 shares in the last quarter. MGO One Seven LLC bought a new position in Granite Construction during the second quarter valued at $227,000. CWM LLC raised its stake in shares of Granite Construction by 64.7% in the second quarter. CWM LLC now owns 1,110 shares of the construction company's stock valued at $104,000 after acquiring an additional 436 shares during the period. Finally, Callan Family Office LLC purchased a new stake in shares of Granite Construction in the second quarter valued at $248,000.

Granite Construction Trading Down 0.8%

NYSE GVA opened at $105.58 on Friday. The company's 50-day moving average price is $108.47 and its 200-day moving average price is $94.39. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. The stock has a market cap of $4.62 billion, a PE ratio of 34.50 and a beta of 1.39. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $112.16.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping 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 business's revenue for the quarter 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. Equities research analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GVA. Wall Street Zen raised shares of Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings reissued a "buy (b-)" rating on shares of Granite Construction in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $76.00.

Insider Transactions at Granite Construction

In other news, Director Louis E. Caldera sold 1,500 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the transaction, the director directly owned 10,601 shares in the company, valued at approximately $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. The trade was a 6.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,525 shares of company stock worth $608,314. Insiders own 1.00% of the company's stock.

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.

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