MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $25 Million Holdings in Granite Construction Incorporated $GVA

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Granite Construction by 37.6%, selling 199,469 shares, leaving it with 331,502 shares valued at approximately $24.99 million.
• Wall Street Zen upgraded Granite Construction's rating from "hold" to "buy", although the stock has a current consensus rating of "Sell" with an average price target of $76.00.
• Granite Construction reported a 4.4% year-over-year revenue increase with earnings per share of $1.93, exceeding analyst expectations of $1.77.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 331,502 shares of the construction company's stock after selling 199,469 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.76% of Granite Construction worth $24,995,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of GVA. Larson Financial Group LLC raised its stake in Granite Construction by 214.2% during the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after purchasing an additional 257 shares during the last quarter. Rothschild Investment LLC raised its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after acquiring an additional 285 shares in the last quarter. CWM LLC raised its holdings in Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after acquiring an additional 141 shares in the last quarter. Blue Trust Inc. raised its holdings in Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after acquiring an additional 225 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Granite Construction by 53.0% in the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after acquiring an additional 296 shares in the last quarter.

Granite Construction Price Performance

Shares of GVA stock traded down $2.15 during trading hours on Friday, hitting $107.43. The company had a trading volume of 249,089 shares, compared to its average volume of 425,422. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $112.16. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 35.11 and a beta of 1.41. The firm's fifty day moving average is $101.80 and its 200 day moving average is $89.19. 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 (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 analyst estimates of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company's revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. Granite Construction's dividend payout ratio is 16.99%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised 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 stock presently has an average rating of "Sell" and a consensus target price of $76.00.

Insider Buying and Selling

In related 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 transaction of $165,240.00. Following the sale, the director directly owned 10,601 shares in the company, valued at $1,167,806.16. This represents a 12.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the transaction, the senior vice president directly owned 29,241 shares in the company, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,525 shares of company stock worth $608,314 in the last three months. 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.