Algert Global LLC Increases Position in Granite Construction Incorporated $GVA

Key Points

• Algert Global LLC increased its stake in Granite Construction Incorporated by 14.6%, owning 182,299 shares valued at approximately $13.7 million at the end of the reporting period.
• Granite Construction's recent quarterly earnings showed earnings per share (EPS) at $1.93, exceeding analysts' expectations, with revenue of $1.13 billion during the quarter.
• Wall Street analysts have upgraded Granite Construction from a "hold" to a "buy" rating, while Goldman Sachs raised its price objective from $69 to $76 per share.

Algert Global LLC raised its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 14.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 182,299 shares of the construction company's stock after buying an additional 23,182 shares during the period. Algert Global LLC owned about 0.42% of Granite Construction worth $13,745,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GVA. First Trust Advisors LP boosted its holdings 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 worth $99,237,000 after buying an additional 294,200 shares during the last quarter. Nuveen LLC acquired a new stake in Granite Construction in the 1st quarter worth about $21,966,000. Millennium Management LLC boosted its holdings 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 worth $232,579,000 after buying an additional 263,302 shares during the last quarter. Voya Investment Management LLC boosted its holdings 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 worth $18,838,000 after buying an additional 196,229 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings 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 worth $12,496,000 after buying an additional 163,551 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GVA. The Goldman Sachs Group boosted their target price on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Granite Construction presently has a consensus rating of "Sell" and a consensus target price of $76.00.

Granite Construction Price Performance

Shares of Granite Construction stock traded up $2.3650 on Friday, hitting $111.9550. 151,872 shares of the company were exchanged, compared to its average volume of 623,550. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of 36.59 and a beta of 1.39. The company has a 50-day moving average price of $96.26 and a 200 day moving average price of $86.69. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $112.16. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.77 by $0.16. The firm 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 business's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.13 per share. 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%.

Insiders Place Their Bets

In other news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the transaction, the senior vice president directly owned 18,819 shares in the company, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

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.