Granite Construction Incorporated $GVA Stock Holdings Lessened by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC slashed its Granite Construction stake by 85.3% in the fourth quarter, selling 126,483 shares and leaving it with 21,824 shares worth about $2.53 million.
• Two Granite Construction senior vice presidents sold shares on June 8 at $141 each, trimming their ownership by 20.11% and 48.89%, respectively.
• Granite Construction posted better-than-expected Q1 results, with EPS of $0.26 versus a loss estimate and revenue up 30.4% year over year; the company also announced a quarterly dividend of $0.13 per share.

Hsbc Holdings PLC reduced its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 85.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,824 shares of the construction company's stock after selling 126,483 shares during the quarter. Hsbc Holdings PLC owned approximately 0.05% of Granite Construction worth $2,526,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Corient Private Wealth LLC lifted its position in Granite Construction by 3.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company's stock worth $575,000 after buying an additional 148 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Granite Construction during the fourth quarter worth $312,000. SkyView Investment Advisors LLC acquired a new stake in Granite Construction during the fourth quarter valued at $313,000. SummitTX Capital L.P. boosted its position in Granite Construction by 67.0% during the fourth quarter. SummitTX Capital L.P. now owns 38,931 shares of the construction company's stock valued at $4,491,000 after purchasing an additional 15,619 shares during the last quarter. Finally, Tudor Investment Corp ET AL grew its stake in Granite Construction by 26.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 169,871 shares of the construction company's stock valued at $19,595,000 after purchasing an additional 35,341 shares in the last quarter.

Insider Transactions at Granite Construction

In related news, SVP Michael G. Tatusko sold 7,500 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the transaction, the senior vice president owned 29,787 shares of the company's stock, valued at approximately $4,199,967. The trade was a 20.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Bradley Jay Williams sold 6,734 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the completion of the sale, the senior vice president owned 7,041 shares in the company, valued at $992,781. This represents a 48.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.88% of the stock is currently owned by corporate insiders.

Granite Construction Trading Up 0.0%

Granite Construction stock opened at $160.44 on Monday. Granite Construction Incorporated has a 52 week low of $89.80 and a 52 week high of $162.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The firm has a market capitalization of $7.02 billion, a PE ratio of 46.24 and a beta of 1.32. The business's 50-day simple moving average is $137.25 and its 200-day simple moving average is $128.04.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of ($0.77) by $1.03. The firm had revenue of $912.47 million during the quarter, compared to the consensus estimate of $782.26 million. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 EPS. Equities research analysts forecast that Granite Construction Incorporated will post 6.14 earnings per share for the current year.

Granite Construction Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction's dividend payout ratio is currently 14.99%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GVA. Oppenheimer initiated coverage on Granite Construction in a research report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 target price on the stock. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday. Zacks Research upgraded Granite Construction to a "hold" rating in a report on Friday, May 29th. Weiss Ratings lowered shares of Granite Construction from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Finally, Stephens began coverage on shares of Granite Construction in a research note on Friday. They issued an "overweight" rating and a $180.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Granite Construction presently has an average rating of "Moderate Buy" and a consensus price target of $157.25.

About Granite Construction

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.