Deutsche Bank AG Decreases Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• Deutsche Bank AG has reduced its stake in Granite Construction Incorporated by 9.0% in the first quarter, holding approximately 35,809 shares worth $2.70 million as of the end of that period.
• Granite Construction's latest earnings report revealed an earnings per share (EPS) of $1.93, surpassing analysts' estimates of $1.77, although revenue was below expectations at $1.13 billion.
• The company recently announced a quarterly dividend of $0.13 per share, translating to an annual yield of 0.5% and a payout ratio of approximately 17%.

Deutsche Bank AG decreased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 9.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,809 shares of the construction company's stock after selling 3,535 shares during the quarter. Deutsche Bank AG owned about 0.08% of Granite Construction worth $2,700,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Millennium Management LLC raised its stake in Granite Construction by 11.0% during the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock valued at $232,579,000 after purchasing an additional 263,302 shares in the last quarter. Northern Trust Corp raised its stake in Granite Construction by 17.9% during the fourth quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock valued at $50,818,000 after purchasing an additional 87,783 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Granite Construction by 10.6% during the fourth quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock valued at $46,959,000 after purchasing an additional 51,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Granite Construction by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 530,971 shares of the construction company's stock valued at $46,572,000 after purchasing an additional 28,245 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Granite Construction by 128.2% during the fourth quarter. Nuveen Asset Management LLC now owns 279,504 shares of the construction company's stock valued at $24,515,000 after purchasing an additional 157,047 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. The Goldman Sachs Group increased 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.com, Granite Construction has an average rating of "Sell" and an average price target of $76.00.

Insider Activity

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the transaction, the senior vice president directly owned 29,241 shares in the company, valued at $3,216,510. This represents a 6.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the transaction, the senior vice president owned 18,819 shares in the company, valued at approximately $1,726,831.44. The trade was a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Granite Construction Trading Up 1.2%

Shares of GVA traded up $1.2850 during midday trading on Friday, hitting $110.8750. The stock had a trading volume of 417,454 shares, compared to its average volume of 712,614. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $112.16. The firm has a market cap of $4.86 billion, a PE ratio of 36.23 and a beta of 1.39. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. The stock's 50 day moving average is $96.70 and its 200 day moving average is $86.85.

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 for the quarter, beating the consensus estimate 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 the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The business's revenue for the quarter was up 4.4% on a year-over-year basis. Granite Construction has set its FY 2025 guidance at EPS. As a group, analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.13 dividend. The ex-dividend date was Monday, June 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%.

About Granite Construction

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.