Comerica Bank Has $6.66 Million Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• Comerica Bank has reduced its stake in Granite Construction Incorporated by 16.8%, owning approximately $6.66 million worth of shares after selling 17,881 shares in the first quarter.
• Granite Construction reported $1.93 earnings per share for the most recent quarter, exceeding expectations, but its revenues fell slightly short of estimates with $1.13 billion.
• The company announced a quarterly dividend of $0.13 per share, contributing to an annualized yield of 0.5%, with a dividend payout ratio of 16.99%.

Comerica Bank trimmed its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 16.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,318 shares of the construction company's stock after selling 17,881 shares during the quarter. Comerica Bank owned 0.20% of Granite Construction worth $6,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in GVA. Larson Financial Group LLC lifted its position in shares of Granite Construction by 214.2% in the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after purchasing an additional 257 shares in the last quarter. Quarry LP lifted its position in shares of Granite Construction by 68.4% in the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after purchasing an additional 132 shares in the last quarter. Rothschild Investment LLC lifted its position in shares of Granite Construction by 80.3% in the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after purchasing an additional 285 shares in the last quarter. CWM LLC lifted its position in shares of Granite Construction by 26.5% in the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after purchasing an additional 141 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Granite Construction by 40.5% in the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after buying an additional 225 shares during the last quarter.

Insiders Place Their Bets

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $223,074.00. Following the sale, the senior vice president owned 14,685 shares in the company, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, Director Louis E. Caldera sold 1,500 shares of Granite Construction 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 sale, the director owned 10,601 shares in the company, valued at $1,167,806.16. This represents a 12.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,525 shares of company stock worth $608,314 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $1.91 during trading on Monday, reaching $108.01. The stock had a trading volume of 497,931 shares, compared to its average volume of 673,274. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 35.30 and a beta of 1.40. 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 fifty day simple moving average of $98.76 and a two-hundred day simple moving average of $87.60.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Granite Construction's revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. As a group, 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 announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. Granite Construction's payout ratio is 16.99%.

Analyst Ratings Changes

A number of equities analysts recently commented on GVA shares. The Goldman Sachs Group increased their price objective on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell" and a consensus target price of $76.00.

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.