Raymond James Financial Inc. Sells 30,564 Shares of Granite Construction Incorporated $GVA

Key Points

• Raymond James Financial Inc. has reduced its stake in Granite Construction Inc. by 20.6%, selling 30,564 shares and holding 117,606 shares worth approximately $8.87 million after the sale.
• The company's stock price opened at $108.01 and analysts have provided mixed ratings, with a consensus sell rating and a price target of $76.00.
• Granite Construction reported $1.93 EPS for the last quarter, exceeding estimates, while experiencing a 4.4% revenue increase year-over-year.

Raymond James Financial Inc. reduced its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 20.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,606 shares of the construction company's stock after selling 30,564 shares during the quarter. Raymond James Financial Inc. owned about 0.27% of Granite Construction worth $8,868,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Larson Financial Group LLC lifted 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 valued at $28,000 after buying an additional 257 shares during the period. Quarry LP lifted its stake in Granite Construction by 68.4% in the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after buying an additional 132 shares during the period. Rothschild Investment LLC lifted its stake in Granite Construction by 80.3% in the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after buying an additional 285 shares during the period. CWM LLC lifted its stake in Granite Construction by 26.5% in the first quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after buying an additional 141 shares during the period. Finally, Blue Trust Inc. lifted its stake in Granite Construction by 40.5% in the first quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after buying an additional 225 shares during the period.

Analysts Set New Price Targets

Separately, Wall Street Zen raised 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 currently has an average rating of "Sell" and an average price target of $76.00.

Granite Construction Stock Up 2.4%

Shares of NYSE:GVA traded up $2.49 during trading on Thursday, reaching $108.22. 433,596 shares of the stock were exchanged, compared to its average volume of 615,384. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $112.16. The stock has a fifty day moving average of $99.70 and a two-hundred day moving average of $88.00. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 35.37 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 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.16. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.Granite Construction's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. Research analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 2,000 shares of the 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 sale, the senior vice president directly owned 29,241 shares of the company's stock, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction on 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 sale, the director directly owned 10,601 shares of the company's stock, valued at $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by insiders.

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.