HighTower Advisors LLC Sells 6,525 Shares of Granite Construction Incorporated $GVA

Key Points

• HighTower Advisors LLC reduced its stake in Granite Construction Incorporated by 39.0%, holding a total of 10,206 shares valued at $770,000.
• Granite Construction's stock recently received a buy rating from Wall Street Zen, with a consensus price target updated to $76.00 by Goldman Sachs.
• The company reported a quarterly earnings per share of $1.93, which surpassed analysts' estimates, along with an annualized dividend yield of 0.5%.

HighTower Advisors LLC decreased its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 39.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,206 shares of the construction company's stock after selling 6,525 shares during the period. HighTower Advisors LLC's holdings in Granite Construction were worth $770,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. 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 period. Invesco Ltd. boosted its holdings in Granite Construction by 12.4% in the 1st quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock worth $49,218,000 after buying an additional 72,175 shares during the period. Mizuho Markets Americas LLC boosted its holdings in Granite Construction by 22.7% in the 1st quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock worth $45,788,000 after buying an additional 112,371 shares during the period. Northern Trust Corp boosted its holdings in Granite Construction by 17.9% in the 4th quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock worth $50,818,000 after buying an additional 87,783 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Granite Construction by 10.6% in the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock worth $46,959,000 after buying an additional 51,520 shares during the period.

Insider Buying and Selling at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the transaction, the senior vice president directly owned 29,241 shares of the company's stock, valued at $3,216,510. This trade represents a 6.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $165,240.00. Following the completion of the transaction, the director directly owned 10,601 shares of the company's stock, valued at approximately $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,525 shares of company stock valued at $608,314 in the last three months. Company insiders own 1.00% of the company's stock.

Granite Construction Price Performance

NYSE:GVA traded down $0.79 during trading hours on Wednesday, hitting $105.78. The stock had a trading volume of 490,318 shares, compared to its average volume of 652,885. The company has a 50 day simple moving average of $99.70 and a two-hundred day simple moving average of $88.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 34.57 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last announced 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. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm earned $1.73 EPS. The business's quarterly revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. Research analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently 16.99%.

Analyst Upgrades and Downgrades

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

Granite Construction Company 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.