Granite Construction Incorporated $GVA Position Decreased by NorthCrest Asset Manangement LLC

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 decreased its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 31.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,793 shares of the construction company's stock after selling 3,045 shares during the period. NorthCrest Asset Manangement LLC's holdings in Granite Construction were worth $638,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Hill City Capital LP lifted its stake in shares of Granite Construction by 1.1% in the first quarter. Hill City Capital LP now owns 1,060,048 shares of the construction company's stock valued at $79,928,000 after purchasing an additional 11,110 shares during the period. Invesco Ltd. increased its position in Granite Construction by 12.4% during the first quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock worth $49,218,000 after purchasing an additional 72,175 shares during the last quarter. Mizuho Markets Americas LLC increased its position in Granite Construction by 22.7% during the first quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock worth $45,788,000 after purchasing an additional 112,371 shares during the last quarter. Boston Partners increased its position in Granite Construction by 0.5% during the first quarter. Boston Partners now owns 587,209 shares of the construction company's stock worth $44,392,000 after purchasing an additional 2,811 shares during the last quarter. Finally, RPG Investment Advisory LLC increased its position in Granite Construction by 106.6% during the first quarter. RPG Investment Advisory LLC now owns 472,566 shares of the construction company's stock worth $35,632,000 after purchasing an additional 243,875 shares during the last quarter.

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 equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell" and an average price target of $76.00.

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $0.04 on Tuesday, reaching $110.62. 92,452 shares of the company's stock were exchanged, compared to its average volume of 608,343. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 36.16 and a beta of 1.40. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $112.16. The business's 50-day moving average is $103.68 and its two-hundred day moving average is $90.52. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings data 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. 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 analysts' expectations of $1.16 billion. During the same quarter last year, the company earned $1.73 EPS. The company'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, equities research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 30th. 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 stock in a transaction dated Thursday, August 28th. The shares were 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 represents a 12.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated 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 transaction, the senior vice president owned 14,685 shares of the company's stock, valued at $1,617,699.60. This represents a 12.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,525 shares of company stock valued at $608,314 in the last quarter. Company insiders own 1.00% of the company's stock.

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.