Granite Construction Incorporated $GVA Shares Sold by Mizuho Markets Americas LLC

Key Points

• Mizuho Markets Americas LLC cut its Granite Construction position by 28.2% in Q4, selling 58,387 shares and ending with 148,351 shares valued at about $17.1 million.
• Granite Construction reported strong quarterly earnings, posting $0.26 EPS versus expectations for a loss and revenue of $912.47 million, topping estimates and rising 30.4% year over year.
• Insider selling was notable, with CEO Kyle T. Larkin and CFO Staci M. Woolsey selling shares in recent transactions; analysts currently rate the stock a consensus Hold with a target price of $139.50.

Mizuho Markets Americas LLC reduced its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 28.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 148,351 shares of the construction company's stock after selling 58,387 shares during the quarter. Mizuho Markets Americas LLC owned about 0.34% of Granite Construction worth $17,112,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GVA. AQR Capital Management LLC increased its stake in shares of Granite Construction by 73.2% in the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company's stock worth $1,612,000 after acquiring an additional 9,038 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Granite Construction in the 1st quarter worth $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Granite Construction by 21.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company's stock worth $12,732,000 after acquiring an additional 29,428 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Granite Construction by 2,423.4% in the 2nd quarter. Marshall Wace LLP now owns 89,882 shares of the construction company's stock worth $8,405,000 after acquiring an additional 86,320 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of Granite Construction in the 2nd quarter worth $229,000.

Granite Construction Stock Performance

Shares of Granite Construction stock opened at $130.06 on Friday. The business has a 50-day moving average of $127.10 and a 200 day moving average of $121.19. Granite Construction Incorporated has a 12 month low of $85.01 and a 12 month high of $145.00. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 37.48 and a beta of 1.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of ($0.77) by $1.03. The company had revenue of $912.47 million during the quarter, compared to analysts' expectations of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.Granite Construction's revenue for the quarter was up 30.4% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS.

Insider Activity

In other news, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction dated Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the transaction, the chief executive officer owned 114,881 shares in the company, valued at approximately $13,569,743.72. This trade represents a 18.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the transaction, the chief financial officer owned 18,954 shares of the company's stock, valued at $2,271,447.36. The trade was a 7.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 35,488 shares of company stock valued at $4,207,042 in the last quarter. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. DA Davidson increased their price target on Granite Construction from $130.00 to $155.00 and gave the stock a "buy" rating in a report on Friday, February 13th. The Goldman Sachs Group increased their price target on Granite Construction from $109.00 to $124.00 and gave the stock a "neutral" rating in a report on Wednesday, January 28th. Finally, Weiss Ratings cut Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $139.50.

Granite Construction Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.

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