Granite Construction Incorporated $GVA Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. has increased its stake in Granite Construction to 652,759 shares, representing a 12.4% rise during the first quarter, with a total value of approximately $49.2 million.
• Granite Construction reported a Q2 earnings per share of $1.93, exceeding estimates, and noted a 4.4% year-over-year revenue growth despite revenue falling slightly short of projections.
• Several major hedge funds have significantly increased their positions in Granite Construction, including First Trust Advisors (up 35.1%) and Voya Investment Management (up 1,058%), indicating strong institutional interest in the company.

Invesco Ltd. raised its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 12.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 652,759 shares of the construction company's stock after buying an additional 72,175 shares during the period. Invesco Ltd. owned approximately 1.49% of Granite Construction worth $49,218,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GVA. First Trust Advisors LP boosted its position in Granite Construction by 35.1% in the 4th quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock valued at $99,237,000 after buying an additional 294,200 shares during the last quarter. Millennium Management LLC boosted its position in Granite Construction by 11.0% in the 4th quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock valued at $232,579,000 after buying an additional 263,302 shares during the last quarter. Voya Investment Management LLC boosted its position in Granite Construction by 1,058.0% in the 4th quarter. Voya Investment Management LLC now owns 214,777 shares of the construction company's stock valued at $18,838,000 after buying an additional 196,229 shares during the last quarter. GAMMA Investing LLC boosted its position in Granite Construction by 7,509.2% in the 1st quarter. GAMMA Investing LLC now owns 165,729 shares of the construction company's stock valued at $12,496,000 after buying an additional 163,551 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Granite Construction by 128.2% in the 4th quarter. Nuveen Asset Management LLC now owns 279,504 shares of the construction company's stock valued at $24,515,000 after buying an additional 157,047 shares during the last quarter.

Wall Street Analyst Weigh In

GVA has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price objective on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research report on Monday, May 5th. Wall Street Zen upgraded shares of 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, Granite Construction currently has an average rating of "Sell" and an average target price of $76.00.

Insider Activity

In related 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 sale, the senior vice president owned 29,241 shares in the company, valued at $3,216,510. This represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the senior vice president owned 18,819 shares in the company, valued at approximately $1,726,831.44. This trade represents a 9.72% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Granite Construction Stock Up 1.9%

Shares of Granite Construction stock traded up $2.0950 during trading on Friday, reaching $111.6850. The company had a trading volume of 74,284 shares, compared to its average volume of 623,079. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 36.50 and a beta of 1.39. The firm's fifty day moving average is $96.26 and its 200-day moving average is $86.69. 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 fifty-two week low of $69.08 and a fifty-two week high of $111.84.

Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.16. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. On average, analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

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

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.