MGO One Seven LLC Takes $227,000 Position in Granite Construction Incorporated $GVA

Key Points

• MGO One Seven LLC has acquired a new position in Granite Construction, purchasing 2,424 shares valued at approximately $227,000 during the 2nd quarter.
• Several institutional investors have increased their stakes in Granite Construction, with notable increases including Blue Trust Inc. and Golden State Wealth Management LLC, raising their positions significantly during the 1st quarter.
• Granite Construction recently reported $1.93 earnings per share for its quarterly earnings, exceeding analysts' expectations and indicating a revenue growth of 4.4% year-over-year.

MGO One Seven LLC purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,424 shares of the construction company's stock, valued at approximately $227,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Granite Construction during the 1st quarter worth $309,000. Blue Trust Inc. lifted its position in 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 acquiring an additional 225 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in Granite Construction by 16.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 64,952 shares of the construction company's stock worth $4,897,000 after acquiring an additional 9,255 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Granite Construction by 133.3% during the 1st quarter. Golden State Wealth Management LLC now owns 10,211 shares of the construction company's stock worth $770,000 after acquiring an additional 5,835 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Granite Construction by 4.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 24,721 shares of the construction company's stock worth $1,864,000 after acquiring an additional 974 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GVA shares. Wall Street Zen raised shares of Granite Construction from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Granite Construction in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Granite Construction currently has a consensus rating of "Hold" and a consensus target price of $76.00.

Insider Activity at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares of the company's stock, valued at $1,617,699.60. This trade represents a 12.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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. The trade was a 12.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,525 shares of company stock valued at $608,314. Corporate insiders own 1.00% of the company's stock.

Granite Construction Price Performance

GVA opened at $105.88 on Tuesday. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. The company's 50 day simple moving average is $108.43 and its 200-day simple moving average is $95.08. The stock has a market capitalization of $4.64 billion, a P/E ratio of 34.60 and a beta of 1.39.

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

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was 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%.

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.