Granite Construction Incorporated $GVA Shares Sold by EFG Asset Management North America Corp.

Key Points

• EFG Asset Management North America Corp. has reduced its holdings in Granite Construction Incorporated by 21.3%, selling 14,478 shares during the first quarter, resulting in ownership of 53,526 shares valued at approximately $4 million.
• Wall Street Zen has upgraded Granite Construction from a "hold" to a "buy" rating, despite the stock currently holding a consensus "Sell" rating with a target price of $76.00.
• Granite Construction reported a 4.4% year-over-year revenue increase with earnings per share of $1.93, surpassing estimates, although its quarterly revenue was slightly below expectations at $1.13 billion.

EFG Asset Management North America Corp. cut its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 21.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,526 shares of the construction company's stock after selling 14,478 shares during the quarter. EFG Asset Management North America Corp. owned approximately 0.12% of Granite Construction worth $4,036,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GVA. Larson Financial Group LLC lifted its stake in Granite Construction by 214.2% during 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 during the last quarter. Rothschild Investment LLC lifted its stake in Granite Construction by 80.3% during 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 during the last quarter. CWM LLC lifted its stake 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 purchasing an additional 141 shares during the last quarter. Blue Trust Inc. lifted its stake in Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after purchasing an additional 225 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Granite Construction by 53.0% during the first quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock worth $64,000 after purchasing an additional 296 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of "Sell" and a consensus target price of $76.00.

Granite Construction Stock Performance

NYSE GVA traded up $0.04 on Monday, reaching $108.14. The stock had a trading volume of 514,994 shares, compared to its average volume of 614,758. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $112.16. The business's 50-day moving average price is $100.33 and its 200 day moving average price is $88.33. The stock has a market cap of $4.74 billion, a P/E ratio of 35.34 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the previous year, the business earned $1.73 earnings per share. The firm'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, equities analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the business's 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 $223,074.00. Following the completion of the sale, the senior vice president owned 14,685 shares in the company, valued at approximately $1,617,699.60. The trade was a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Louis E. Caldera sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the transaction, the director directly owned 10,601 shares in the company, valued at approximately $1,167,806.16. The trade was a 12.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,525 shares of company stock worth $608,314. 1.00% of the stock is owned by insiders.

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.