Nuveen LLC Acquires Shares of 291,331 Granite Construction Incorporated $GVA

Key Points

• Nuveen LLC recently acquired a stake in Granite Construction Incorporated, purchasing 291,331 shares valued at approximately $21.97 million, representing 0.67% of the company.
• Granite Construction reported $1.93 earnings per share for the last quarter, exceeding analysts' expectations of $1.77, with a revenue of $1.13 billion.
• The firm announced a quarterly dividend of $0.13 per share, translating to an annualized yield of 0.5%, and its dividend payout ratio is currently 16.99%.

Nuveen LLC acquired a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 291,331 shares of the construction company's stock, valued at approximately $21,966,000. Nuveen LLC owned 0.67% of Granite Construction at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GVA. Envestnet Asset Management Inc. boosted its holdings in Granite Construction by 36.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 11,952 shares of the construction company's stock worth $1,048,000 after buying an additional 3,190 shares during the period. Mariner LLC boosted its holdings in Granite Construction by 1.0% in the 4th quarter. Mariner LLC now owns 12,408 shares of the construction company's stock valued at $1,088,000 after purchasing an additional 119 shares during the period. Walleye Capital LLC boosted its holdings in Granite Construction by 852.6% in the 4th quarter. Walleye Capital LLC now owns 9,927 shares of the construction company's stock valued at $871,000 after purchasing an additional 11,246 shares during the period. Jump Financial LLC bought a new position in Granite Construction in the 4th quarter valued at $217,000. Finally, NewEdge Advisors LLC boosted its holdings in Granite Construction by 3.7% in the 4th quarter. NewEdge Advisors LLC now owns 15,591 shares of the construction company's stock valued at $1,367,000 after purchasing an additional 561 shares during the period.

Insiders Place Their Bets

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the transaction, the senior vice president owned 18,819 shares in the company, valued at $1,726,831.44. This trade represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of Granite Construction stock in a transaction on 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 transaction, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. The trade was a 6.40% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. The Goldman Sachs Group raised their price target on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a report on Monday, May 5th. Wall Street Zen raised 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, According to MarketBeat, the company currently has an average rating of "Sell" and an average target price of $76.00.

Granite Construction Price Performance

Shares of NYSE GVA traded up $1.4070 during mid-day trading on Friday, reaching $110.9970. 221,366 shares of the company were exchanged, compared to its average volume of 623,975. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $112.16. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $4.86 billion, a PE ratio of 36.28 and a beta of 1.39. The company's 50 day moving average price is $96.26 and its 200 day moving average price is $86.69.

Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. The company had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The firm's revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. Sell-side analysts forecast 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 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently 16.99%.

Granite Construction 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.