Knights of Columbus Asset Advisors LLC Acquires New Holdings in Granite Construction Incorporated $GVA

Key Points

• Knights of Columbus Asset Advisors LLC acquired a new position in Granite Construction, purchasing 25,831 shares valued at approximately $2.4 million, representing 0.06% of the company.
• Granite Construction reported $1.93 earnings per share (EPS) for its latest quarter, exceeding analysts' expectations, with a net margin of 3.89% and revenue growth of 4.4% year-over-year.
• The company declared a quarterly dividend of $0.13 per share, which will be paid on October 15, 2023, yielding an annualized dividend of $0.52 and a payout ratio of 16.99%.

Knights of Columbus Asset Advisors LLC acquired a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 25,831 shares of the construction company's stock, valued at approximately $2,415,000. Knights of Columbus Asset Advisors LLC owned approximately 0.06% of Granite Construction as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC increased its holdings in shares of Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after acquiring an additional 257 shares during the period. CWM LLC grew its stake 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. Blue Trust Inc. raised its holdings in Granite Construction by 40.5% in the first 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. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Granite Construction during the first quarter valued at about $70,000. Finally, Cheviot Value Management LLC bought a new stake in shares of Granite Construction in the 1st quarter valued at about $73,000.

Granite Construction Stock Performance

Shares of Granite Construction stock opened at $108.25 on Tuesday. The company has a 50 day moving average price of $106.63 and a 200 day moving average price of $92.99. The firm has a market capitalization of $4.74 billion, a P/E ratio of 35.38 and a beta of 1.39. 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 Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business posted $1.73 EPS. Granite Construction'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. Sell-side analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders 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 payout ratio is currently 16.99%.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the sale, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. The trade was a 6.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction dated 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 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. In the last 90 days, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

GVA has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Granite Construction in a report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Granite Construction has an average rating of "Hold" and a consensus target price of $76.00.

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.

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