State of Wyoming Sells 11,929 Shares of Granite Construction Incorporated $GVA

Key Points

• The State of Wyoming reduced its holdings in Granite Construction by 59.6%, selling 11,929 shares and owning 8,071 shares worth $609,000 after the transaction.
• A number of hedge funds increased their stakes in Granite Construction, with Trexquant Investment LP raising its holdings by 50.6% during the same quarter.
• Granite Construction reported earnings of $1.93 per share for the quarter, exceeding estimates, despite a 4.4% increase in revenue compared to the previous year.

State of Wyoming reduced its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 59.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,071 shares of the construction company's stock after selling 11,929 shares during the quarter. State of Wyoming's holdings in Granite Construction were worth $609,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in GVA. Larson Financial Group LLC raised its stake in shares of Granite Construction by 214.2% during the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after acquiring an additional 257 shares during the last quarter. Quarry LP raised its position in Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after purchasing an additional 132 shares during the last quarter. Rothschild Investment LLC lifted its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after buying an additional 285 shares during the period. CWM LLC grew its position in shares of Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after buying an additional 141 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Granite Construction by 40.5% during 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.

Insider Transactions at Granite Construction

In other news, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $165,240.00. Following the sale, the director owned 10,601 shares in the company, valued at $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares of the company's stock, valued at approximately $1,617,699.60. The trade was a 12.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,525 shares of company stock worth $608,314. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

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

Granite Construction Stock Up 2.1%

GVA stock traded up $2.19 on Thursday, reaching $107.92. 58,943 shares of the company traded hands, compared to its average volume of 613,042. The firm has a fifty day simple moving average of $99.70 and a 200-day simple moving average of $88.00. The company has a market cap of $4.73 billion, a P/E ratio of 35.27 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 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 (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.16. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company's revenue was up 4.4% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. 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 year.

About Granite Construction

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.