Hsbc Holdings PLC Has $1.40 Million Stake in Granite Construction Incorporated $GVA

Key Points

• Hsbc Holdings PLC has reduced its stake in Granite Construction by 51.6%, now holding 18,670 shares valued at approximately $1.4 million.
• Granite Construction reported earnings of $1.93 per share for the last quarter, exceeding analysts' expectations of $1.77, but revenue fell short at $1.13 billion.
• The company has announced a quarterly dividend of $0.13 per share, resulting in an annualized dividend of $0.52 and a yield of 0.5%.

Hsbc Holdings PLC cut its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 51.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,670 shares of the construction company's stock after selling 19,924 shares during the quarter. Hsbc Holdings PLC's holdings in Granite Construction were worth $1,397,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Quarry LP lifted its holdings in shares of Granite Construction by 68.4% during the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after buying an additional 132 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Granite Construction by 214.2% during the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after buying an additional 257 shares during the last quarter. Rothschild Investment LLC lifted its holdings in shares of Granite Construction by 80.3% during the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after buying an additional 285 shares during the last quarter. CWM LLC lifted its holdings in shares of Granite Construction by 26.5% during the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after buying an additional 141 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Granite Construction by 40.5% during the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after purchasing an additional 225 shares in the last quarter.

Insider Activity at Granite Construction

In related news, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $165,240.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the senior vice president directly owned 29,241 shares of the company's stock, valued at $3,216,510. This represents a 6.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,525 shares of company stock valued at $608,314 in the last three months. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised 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 data from MarketBeat, the stock has a consensus rating of "Sell" and an average price target of $76.00.

Granite Construction Price Performance

Shares of 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's fifty day moving average is $99.70 and its two-hundred day moving average is $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 52 week low of $69.08 and a 52 week high of $112.16. The stock 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 posted its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping 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 business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned $1.73 EPS. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. On average, analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis 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 currently 16.99%.

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.