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 bought a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,509 shares of the construction company's stock, valued at approximately $265,000.

Several other large investors have also recently added to or reduced their stakes in the business. Hill City Capital LP lifted its position in Granite Construction by 1.1% during the first quarter. Hill City Capital LP now owns 1,060,048 shares of the construction company's stock worth $79,928,000 after buying an additional 11,110 shares during the period. Invesco Ltd. lifted 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 buying an additional 72,175 shares during the period. Mizuho Markets Americas LLC lifted 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 buying an additional 112,371 shares during the period. Boston Partners lifted 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 buying an additional 2,811 shares during the period. Finally, RPG Investment Advisory LLC lifted 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 buying an additional 243,875 shares during the period.

Wall Street Analysts Forecast Growth

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

Granite Construction Stock Up 2.5%

GVA traded up $2.66 on Thursday, reaching $110.26. The company's stock had a trading volume of 113,321 shares, compared to its average volume of 605,968. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of 35.99 and a beta of 1.41. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $112.16. 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 business's 50 day moving average is $102.70 and its 200 day moving average is $89.69.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results 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 return on equity of 21.64% and a net margin of 3.89%.The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the prior year, the firm earned $1.73 EPS. The business's quarterly revenue was up 4.4% on a year-over-year basis. Granite Construction has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Granite Construction's dividend payout ratio (DPR) is presently 16.99%.

Insider Buying and Selling at Granite Construction

In other news, SVP Michael G. Tatusko sold 2,000 shares of the firm's 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 sale, the senior vice president directly owned 29,241 shares of the company's stock, valued at $3,216,510. This trade represents a 6.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Louis E. Caldera sold 1,500 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $165,240.00. Following the sale, the director directly owned 10,601 shares of the company's stock, valued at approximately $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by corporate insiders.

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.