Granite Construction Incorporated (NYSE:GVA) Shares Purchased by Mizuho Markets Americas LLC

Key Points

• Mizuho Markets Americas LLC increased its holdings in Granite Construction by 22.7%, owning a total of 607,269 shares which accounts for about 0.9% of its investment portfolio.
• Granite Construction reported an earnings per share of $1.93, surpassing estimates, but revenue was slightly below forecasts at $1.13 billion.
• The company declared a quarterly dividend of $0.13, yielding 0.5%, with a dividend payout ratio of 21.67% as of the last quarter.

Mizuho Markets Americas LLC boosted its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 22.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 607,269 shares of the construction company's stock after purchasing an additional 112,371 shares during the quarter. Granite Construction makes up 0.9% of Mizuho Markets Americas LLC's portfolio, making the stock its 25th biggest holding. Mizuho Markets Americas LLC owned approximately 1.39% of Granite Construction worth $45,788,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GVA. Principal Financial Group Inc. grew its position in Granite Construction by 1.8% during the first quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company's stock valued at $16,350,000 after acquiring an additional 3,737 shares during the period. Golden State Wealth Management LLC boosted its holdings in Granite Construction by 16.6% in the first quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock valued at $385,000 after purchasing an additional 725 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Granite Construction in the fourth quarter valued at about $1,465,000. Blue Trust Inc. boosted 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 valued at $59,000 after purchasing an additional 225 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in Granite Construction by 112.9% in the first quarter. GSA Capital Partners LLP now owns 11,279 shares of the construction company's stock valued at $850,000 after purchasing an additional 5,981 shares during the last quarter.

Insider Buying and Selling

In related news, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the sale, the senior vice president directly owned 18,819 shares in the company, valued at $1,726,831.44. This trade represents a 9.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Granite Construction Stock Performance

Shares of Granite Construction stock traded down $0.69 on Thursday, reaching $110.60. 150,862 shares of the company were exchanged, compared to its average volume of 629,175. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The company's 50-day moving average is $93.95 and its two-hundred day moving average is $85.76. The firm has a market cap of $4.84 billion, a price-to-earnings ratio of 36.11 and a beta of 1.39. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $111.43.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.13 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 EPS. As a group, research analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have commented on GVA. The Goldman Sachs Group increased their target price on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th. Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th.

Granite Construction Company 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.