SCS Capital Management LLC Invests $265,000 in Granite Construction Incorporated $GVA

Key Points

• SCS Capital Management LLC has invested $265,000 in Granite Construction Incorporated, purchasing 3,509 shares during the first quarter.
• The company's stock has recently been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen.
• Granite Construction will distribute a $0.13 per share quarterly dividend, payable on October 15th, with a current annualized dividend yield of 0.5%.

SCS Capital Management LLC purchased a new position in Granite Construction Incorporated (NYSE:GVA - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,509 shares of the construction company's stock, valued at approximately $265,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Deutsche Bank AG lifted its position in Granite Construction by 49.2% in the 4th quarter. Deutsche Bank AG now owns 39,344 shares of the construction company's stock valued at $3,451,000 after acquiring an additional 12,976 shares in the last quarter. Ethic Inc. lifted its position in Granite Construction by 37.2% in the 4th quarter. Ethic Inc. now owns 6,211 shares of the construction company's stock valued at $545,000 after acquiring an additional 1,685 shares in the last quarter. Focus Partners Wealth bought a new position in Granite Construction in the 4th quarter valued at approximately $214,000. Gotham Asset Management LLC lifted its position in Granite Construction by 26.1% in the 4th quarter. Gotham Asset Management LLC now owns 14,326 shares of the construction company's stock valued at $1,257,000 after acquiring an additional 2,963 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Granite Construction by 128.2% in the 4th quarter. Nuveen Asset Management LLC now owns 279,504 shares of the construction company's stock valued at $24,515,000 after acquiring an additional 157,047 shares in the last quarter.

Granite Construction Trading Down 2.0%

NYSE:GVA opened at $107.43 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 35.11 and a beta of 1.41. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $112.16. The business has a fifty day moving average price of $101.80 and a 200-day moving average price of $89.15.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business 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. Granite Construction'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. Sell-side 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. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. Granite Construction's dividend payout ratio (DPR) is presently 16.99%.

Analyst Ratings Changes

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

Insider Activity

In other news, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 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 approximately $3,216,510. This represents a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,525 shares of company stock worth $608,314 over the last 90 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.

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