Northern Trust Corp Sells 4,287 Shares of Granite Construction Incorporated $GVA

Key Points

• Northern Trust Corp has reduced its holdings in Granite Construction by 0.7%, now owning approximately 1.31% of the company, valued at $43.36 million after selling 4,287 shares in the first quarter.
• Granite Construction's most recent quarterly earnings report showed an EPS of $1.93, exceeding analyst estimates, though the revenue of $1.13 billion fell short of expectations.
• Despite a recent price target increase from Goldman Sachs to $76.00 with a "sell" rating, Wall Street Zen upgraded the stock from "hold" to "buy", reflecting mixed analyst sentiment.

Northern Trust Corp trimmed its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 0.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 575,097 shares of the construction company's stock after selling 4,287 shares during the quarter. Northern Trust Corp owned about 1.31% of Granite Construction worth $43,362,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of GVA. Larson Financial Group LLC grew its holdings 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 during the period. Quarry LP grew its holdings in Granite Construction by 68.4% in the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after purchasing an additional 132 shares during the period. Rothschild Investment LLC grew its holdings in Granite Construction by 80.3% in the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after purchasing an additional 285 shares during the period. CWM LLC grew its holdings in Granite Construction by 26.5% in the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after purchasing an additional 141 shares during the period. Finally, Blue Trust Inc. grew 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 worth $59,000 after purchasing an additional 225 shares during the period.

Wall Street Analyst Weigh In

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

Granite Construction Stock Down 0.7%

Shares of GVA traded down $0.79 during trading hours on Wednesday, reaching $105.78. 490,318 shares of the stock traded hands, compared to its average volume of 652,885. 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 fifty day simple moving average of $99.70 and a 200 day simple moving average of $88.00. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 34.57 and a beta of 1.41.

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

Granite Construction Dividend Announcement

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

Insider Activity at Granite Construction

In other Granite Construction news, Director Louis E. Caldera sold 1,500 shares of Granite Construction 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 sale, the director owned 10,601 shares of the company's stock, valued at approximately $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael G. Tatusko sold 2,000 shares of Granite Construction stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, the senior vice president directly owned 29,241 shares in the company, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,525 shares of company stock valued at $608,314 over the last ninety days. Corporate 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.