Mizuho Markets Americas LLC Reduces Holdings in Granite Construction Incorporated $GVA

Key Points

• Mizuho Markets Americas LLC cut its Granite Construction stake by 42.2% in the first quarter, leaving it with 85,785 shares valued at about $10.3 million.
• Granite Construction posted a strong quarter, reporting $0.26 EPS versus a loss expected by analysts and revenue of $912.47 million, which was up 30.4% year over year.
• Analyst sentiment remains mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $161; the stock also recently paid a $0.13 quarterly dividend.

Mizuho Markets Americas LLC lessened its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 42.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,785 shares of the construction company's stock after selling 62,566 shares during the period. Mizuho Markets Americas LLC owned 0.20% of Granite Construction worth $10,284,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sei Investments Co. increased its stake in shares of Granite Construction by 70.1% during the 1st quarter. Sei Investments Co. now owns 77,776 shares of the construction company's stock worth $9,324,000 after purchasing an additional 32,061 shares in the last quarter. Lido Advisors LLC raised its position in shares of Granite Construction by 5.7% during the 1st quarter. Lido Advisors LLC now owns 3,961 shares of the construction company's stock worth $475,000 after purchasing an additional 213 shares during the last quarter. Cetera Investment Advisers lifted its stake in Granite Construction by 4.8% in the 1st quarter. Cetera Investment Advisers now owns 5,325 shares of the construction company's stock valued at $638,000 after buying an additional 243 shares in the last quarter. First Trust Advisors LP lifted its stake in Granite Construction by 52.8% in the 1st quarter. First Trust Advisors LP now owns 1,397,573 shares of the construction company's stock valued at $167,541,000 after buying an additional 483,080 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Granite Construction by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,067,545 shares of the construction company's stock valued at $127,969,000 after buying an additional 4,327 shares during the last quarter.

Granite Construction Price Performance

Shares of NYSE:GVA opened at $126.33 on Friday. The company has a market cap of $5.53 billion, a P/E ratio of 36.41 and a beta of 1.29. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. Granite Construction Incorporated has a 52 week low of $89.80 and a 52 week high of $162.08. The business has a fifty day simple moving average of $138.26 and a 200-day simple moving average of $130.54.

Granite Construction (NYSE:GVA - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. During the same period in the prior year, the business posted $0.01 earnings per share. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. Equities research analysts forecast that Granite Construction Incorporated will post 6.14 EPS for the current year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction's payout ratio is presently 14.99%.

Analyst Upgrades and Downgrades

GVA has been the subject of a number of analyst reports. Oppenheimer assumed coverage on Granite Construction in a report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 price target for the company. Weiss Ratings lowered Granite Construction from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Zacks Research raised Granite Construction to a "hold" rating in a research note on Friday, May 29th. The Goldman Sachs Group reiterated a "sell" rating and set a $139.00 price objective (down from $141.00) on shares of Granite Construction in a research report on Thursday, July 9th. Finally, Stephens started coverage on shares of Granite Construction in a research note on Friday, June 26th. They issued an "overweight" rating and a $180.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Granite Construction presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.00.

Insider Activity at Granite Construction

In related news, Director John Timothy Romer purchased 375 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $143.65 per share, with a total value of $53,868.75. Following the completion of the transaction, the director owned 2,801 shares of the company's stock, valued at approximately $402,363.65. This trade represents a 15.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the transaction, the senior vice president directly owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their position. The SEC filing for this sale provides additional information. 0.88% of the stock is owned by insiders.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.

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