Millennium Management LLC Sells 1,368,667 Shares of Granite Construction Incorporated $GVA

Key Points

• Millennium Management LLC significantly reduced its stake in Granite Construction, lowering its holdings by 51.6% to 1,283,009 shares worth $96.7 million.
• Several hedge funds have altered their positions in Granite Construction, with AQR Capital Management LLC increasing its holdings by 73.2% during the same quarter.
• Granite Construction reported quarterly earnings of $1.93 per share, surpassing expectations, although revenues fell slightly short at $1.13 billion.

Millennium Management LLC lessened its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 51.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,283,009 shares of the construction company's stock after selling 1,368,667 shares during the period. Millennium Management LLC owned 2.93% of Granite Construction worth $96,739,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV boosted its stake in shares of Granite Construction by 119.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,297 shares of the construction company's stock worth $1,166,000 after acquiring an additional 7,239 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Granite Construction by 10.6% during the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock worth $46,959,000 after purchasing an additional 51,520 shares during the period. Balyasny Asset Management L.P. boosted its position in Granite Construction by 129.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 125,633 shares of the construction company's stock worth $11,019,000 after purchasing an additional 70,770 shares during the period. Brevan Howard Capital Management LP purchased a new position in Granite Construction in the 4th quarter valued at about $220,000. Finally, Crestline Management LP bought a new position in shares of Granite Construction during the fourth quarter worth about $506,000.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the transaction, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. This represents a 6.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the sale, the senior vice president owned 14,685 shares of the company's stock, valued at approximately $1,617,699.60. This represents a 12.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,525 shares of company stock valued at $608,314 over the last ninety days. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

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

Granite Construction Stock Performance

GVA traded down $0.67 during trading on Tuesday, hitting $107.51. The stock had a trading volume of 397,868 shares, compared to its average volume of 524,565. The firm has a market cap of $4.71 billion, a PE ratio of 35.13 and a beta of 1.41. 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 Incorporated has a 12 month low of $69.08 and a 12 month high of $112.16. The company has a 50 day simple moving average of $100.92 and a 200-day simple moving average of $88.64.

Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share 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 business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business earned $1.73 EPS. The firm's revenue was up 4.4% on a year-over-year basis. Granite Construction has set its FY 2025 guidance at EPS. Analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current year.

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.