Comerica Bank Cuts 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 decreased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 16.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,318 shares of the construction company's stock after selling 17,881 shares during the quarter. Comerica Bank owned approximately 0.20% of Granite Construction worth $6,659,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GVA. Larson Financial Group LLC lifted its position in Granite Construction by 214.2% during 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 in the last quarter. Quarry LP increased 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 valued at $29,000 after acquiring an additional 132 shares during the last quarter. Rothschild Investment LLC increased 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 valued at $48,000 after acquiring an additional 285 shares during the last quarter. CWM LLC raised its holdings in Granite Construction by 26.5% during the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after acquiring an additional 141 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Granite Construction by 40.5% during 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.

Granite Construction Price Performance

Shares of GVA traded down $1.19 during midday trading on Tuesday, hitting $106.56. The company's stock had a trading volume of 387,674 shares, compared to its average volume of 652,885. 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 market capitalization of $4.67 billion, a price-to-earnings ratio of 34.82 and a beta of 1.41. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The company's fifty day simple moving average is $99.39 and its two-hundred day simple moving average is $87.88.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings data 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 company 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%.Granite Construction's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the business posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.13 per share. The ex-dividend date was Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.5%. Granite Construction's dividend payout ratio is currently 16.99%.

Insider Buying and Selling

In other Granite Construction news, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $165,240.00. Following the transaction, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares in the company, valued at approximately $1,617,699.60. This represents a 12.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. The Goldman Sachs Group raised their target price on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Granite Construction currently has an average rating of "Sell" and a consensus target price of $76.00.

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.