Hennessy Advisors Inc. Sells 63,000 Shares of Granite Construction Incorporated $GVA

Key Points

• Hennessy Advisors Inc. reduced its stake in Granite Construction Incorporated by 9.9%, selling 63,000 shares to hold a total of 571,000 shares, representing 1.8% of their portfolio.
• Granite Construction reported $1.93 EPS for the quarter, exceeding analyst expectations of $1.77, alongside a revenue of $1.13 billion for the quarter.
• The company has announced a quarterly dividend of $0.13 per share, indicating a yield of 0.5% with an annual payout of $0.52.

Hennessy Advisors Inc. trimmed its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 9.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 571,000 shares of the construction company's stock after selling 63,000 shares during the quarter. Granite Construction comprises 1.8% of Hennessy Advisors Inc.'s portfolio, making the stock its 8th biggest holding. Hennessy Advisors Inc. owned 1.31% of Granite Construction worth $53,394,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GVA. GAMMA Investing LLC increased its position in Granite Construction by 7,509.2% during the first 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. City Center Advisors LLC acquired a new position in Granite Construction during the first quarter worth $235,000. Toth Financial Advisory Corp increased its position in Granite Construction by 50.0% during the first quarter. Toth Financial Advisory Corp now owns 9,005 shares of the construction company's stock worth $679,000 after buying an additional 3,000 shares during the last quarter. SG Americas Securities LLC acquired a new position in Granite Construction during the first quarter worth $309,000. Finally, Blue Trust Inc. increased its position in Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after buying an additional 225 shares during the last quarter.

Granite Construction Trading Up 0.1%

Shares of NYSE:GVA opened at $109.25 on Friday. Granite Construction Incorporated has a 52-week low of $69.08 and a 52-week high of $112.16. The company has a market cap of $4.78 billion, a P/E ratio of 35.70 and a beta of 1.39. The stock's 50-day moving average is $106.35 and its 200-day moving average is $92.54. 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 released its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business earned $1.73 earnings per share. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. Equities research analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. Granite Construction's dividend payout ratio (DPR) is 16.99%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GVA shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Granite Construction in a research report on Saturday, September 27th. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $76.00.

Insider Buying and Selling

In related news, Director Louis E. Caldera sold 1,500 shares of Granite Construction stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $165,240.00. Following the sale, the director directly owned 10,601 shares of the company's stock, valued at $1,167,806.16. This trade represents a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael G. Tatusko sold 2,000 shares of Granite Construction stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.