Hsbc Holdings PLC Sells 19,924 Shares of 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 position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 51.6% during the 1st quarter, according to its most recent 13F filing with the Securities and 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.

Several other institutional investors have also recently modified their holdings of GVA. Larson Financial Group LLC increased its position in shares of Granite Construction by 214.2% during the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after purchasing an additional 257 shares during the last quarter. Quarry LP increased its position in shares of Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after purchasing an additional 132 shares during the last quarter. Rothschild Investment LLC increased its stake in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after purchasing an additional 285 shares during the period. CWM LLC lifted its position in Granite Construction by 26.5% in the first quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after purchasing an additional 141 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Granite Construction by 40.5% during the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after purchasing an additional 225 shares during the period.

Wall Street Analyst Weigh In

Several brokerages recently commented on GVA. The Goldman Sachs Group lifted their target price on shares of Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research note on Monday, May 5th. Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of "Sell" and an average target price of $76.00.

Granite Construction Trading Down 1.7%

Shares of GVA stock traded down $1.91 during trading hours on Friday, reaching $108.01. The company's stock had a trading volume of 497,931 shares, compared to its average volume of 673,274. The stock has a market capitalization of $4.73 billion, a P/E ratio of 35.30 and a beta of 1.40. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The firm's fifty day simple moving average is $98.76 and its 200 day simple moving average is $87.60. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company earned $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. Equities research analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

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

Insider Activity

In other news, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the transaction, the director owned 10,601 shares in the company, 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 through this hyperlink. Also, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction that occurred 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 owned 29,241 shares of the company's stock, valued at approximately $3,216,510. The trade was a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,525 shares of company stock worth $608,314 in the last quarter. 1.00% of the stock is owned by company insiders.

Granite Construction 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.