Granite Construction Incorporated $GVA Shares Sold by Fiduciary Financial Group LLC

Key Points

• Fiduciary Financial Group LLC reduced its stake in Granite Construction by 46.3%, now owning 3,355 shares valued at approximately $311,000.
• Granite Construction's stock was upgraded from a "hold" to a "buy" rating, yet it still has a consensus rating of "Sell" with a price target of $76.00.
• The company announced a quarterly dividend of $0.13 per share, with a payout ratio of 16.99%, reflecting its ongoing commitment to returning value to shareholders.

Fiduciary Financial Group LLC lowered its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 46.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,355 shares of the construction company's stock after selling 2,890 shares during the quarter. Fiduciary Financial Group LLC's holdings in Granite Construction were worth $311,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GVA. Deutsche Bank AG raised its position in shares of Granite Construction by 49.2% during the 4th quarter. Deutsche Bank AG now owns 39,344 shares of the construction company's stock worth $3,451,000 after buying an additional 12,976 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Granite Construction during the fourth quarter valued at approximately $214,000. Gotham Asset Management LLC raised its holdings in Granite Construction by 26.1% during the fourth quarter. Gotham Asset Management LLC now owns 14,326 shares of the construction company's stock worth $1,257,000 after purchasing an additional 2,963 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Granite Construction by 128.2% in the fourth quarter. Nuveen Asset Management LLC now owns 279,504 shares of the construction company's stock worth $24,515,000 after purchasing an additional 157,047 shares during the period. Finally, ProShare Advisors LLC boosted its stake in Granite Construction by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 13,265 shares of the construction company's stock valued at $1,163,000 after purchasing an additional 4,083 shares in the last quarter.

Analyst Upgrades and Downgrades

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

Insider Transactions at Granite Construction

In related news, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president directly owned 29,241 shares in the company, valued at approximately $3,216,510. This trade represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $223,074.00. Following the sale, the senior vice president directly owned 14,685 shares of the company's stock, valued at $1,617,699.60. This trade represents a 12.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,525 shares of company stock valued at $608,314 over the last three months. 1.00% of the stock is owned by corporate insiders.

Granite Construction Trading Down 2.0%

Granite Construction stock opened at $107.43 on Friday. The company has a 50 day moving average price of $101.80 and a 200 day moving average price of $89.19. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 35.11 and a beta of 1.41. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16. 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 issued 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. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.Granite Construction's revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.73 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. Research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.13 dividend. The ex-dividend date is Tuesday, September 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%.

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.

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