NorthCrest Asset Manangement LLC Trims Stock Position in Granite Construction Incorporated $GVA

Key Points

• NorthCrest Asset Management LLC reduced its stake in Granite Construction by 31.0%, selling 3,045 shares during the second quarter, leaving them with 6,793 shares valued at approximately $638,000.
• Granite Construction recently posted an earnings report showing $1.93 EPS for the quarter, exceeding estimates of $1.77, with revenues of $1.13 billion.
• The company announced a quarterly dividend of $0.13 per share, representing a yield of 0.5%, to be paid on October 15th.

NorthCrest Asset Manangement LLC lowered its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 31.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,793 shares of the construction company's stock after selling 3,045 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Granite Construction were worth $638,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC grew its stake in Granite Construction by 214.2% in the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after purchasing an additional 257 shares in the last quarter. Rothschild Investment LLC boosted its position in Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after acquiring an additional 285 shares in the last quarter. CWM LLC boosted its position in Granite Construction by 26.5% during the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after acquiring an additional 141 shares in the last quarter. Blue Trust Inc. boosted 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 valued at $59,000 after acquiring an additional 225 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in Granite Construction by 53.0% during the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after acquiring an additional 296 shares in the last quarter.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Up 0.8%

Shares of GVA traded up $0.84 during midday trading on Monday, hitting $110.84. 368,245 shares of the company's stock traded hands, compared to its average volume of 611,125. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $112.16. The firm's fifty day moving average is $103.33 and its 200-day moving average is $90.26. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 36.22 and a beta of 1.40.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business posted $1.73 EPS. The business'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. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.13 dividend. The ex-dividend date is 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%.

Insider Buying and Selling

In related news, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction on 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 in the company, valued at $1,167,806.16. This trade represents a 12.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the transaction, the senior vice president owned 29,241 shares of the company's stock, valued at $3,216,510. This trade represents a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,525 shares of company stock worth $608,314 in the last 90 days. Insiders own 1.00% of the company's stock.

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.