Russell Investments Group Ltd. Has $3.65 Million Stock Position in Granite Construction Incorporated $GVA

Key Points

• Russell Investments Group Ltd. increased its holdings in Granite Construction shares by 116.8% during Q1, owning 48,365 shares valued at approximately $3.6 million.
• Granite Construction's stock saw a price increase of 1.2% and reached an opening price of $110.88 on Friday, with an annual trading range between $69.08 and $112.16.
• The company recently reported $1.93 EPS for Q2, surpassing analyst estimates and noting a 4.4% increase in revenue year-over-year.

Russell Investments Group Ltd. grew its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 116.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,365 shares of the construction company's stock after buying an additional 26,053 shares during the quarter. Russell Investments Group Ltd. owned about 0.11% of Granite Construction worth $3,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GVA. Envestnet Asset Management Inc. raised its position in shares of Granite Construction by 36.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 11,952 shares of the construction company's stock worth $1,048,000 after buying an additional 3,190 shares in the last quarter. Mariner LLC raised its position in shares of Granite Construction by 1.0% during the 4th quarter. Mariner LLC now owns 12,408 shares of the construction company's stock worth $1,088,000 after buying an additional 119 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Granite Construction during the 4th quarter worth about $217,000. MetLife Investment Management LLC raised its holdings in shares of Granite Construction by 4.6% in the 4th quarter. MetLife Investment Management LLC now owns 26,591 shares of the construction company's stock worth $2,332,000 after purchasing an additional 1,166 shares in the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Granite Construction by 3.4% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,299 shares of the construction company's stock worth $377,000 after purchasing an additional 142 shares in the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Down 1.7%

GVA stock traded down $1.91 during trading hours on Friday, hitting $108.01. The company's stock had a trading volume of 497,931 shares, compared to its average volume of 678,605. 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 company has a market capitalization of $4.73 billion, a PE ratio of 35.30 and a beta of 1.39. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $112.16. The stock has a 50 day moving average price of $98.76 and a two-hundred day moving average price of $87.59.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping 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 company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted $1.73 earnings per share. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid 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 currently 16.99%.

Insider Activity

In other news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction on Thursday, August 28th. The shares were 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the senior vice president owned 29,241 shares of the company's stock, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,525 shares of company stock worth $608,314. 1.00% of the stock is currently owned by corporate insiders.

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.