tru Independence LLC Invests $303,000 in Granite Construction Incorporated $GVA

Key Points

• tru Independence LLC has invested approximately $303,000 in Granite Construction by acquiring 3,237 shares as reported in a recent 13F filing.
• Granite Construction's stock has been upgraded from a "hold" to a "buy" rating, despite an average rating of "Sell" from other analysts with a target price of $76.00.
• The company announced a quarterly dividend of $0.13 per share, reflecting a 0.5% yield and a payout ratio of 16.99%.

tru Independence LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,237 shares of the construction company's stock, valued at approximately $303,000.

Other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC boosted its holdings 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 worth $28,000 after acquiring an additional 257 shares during the period. Rothschild Investment LLC boosted its holdings in shares of Granite Construction by 80.3% during the first quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after acquiring an additional 285 shares during the period. CWM LLC boosted its holdings in shares of Granite Construction by 26.5% during the first quarter. CWM LLC now owns 674 shares of the construction company's stock worth $51,000 after acquiring an additional 141 shares during the period. Blue Trust Inc. boosted its holdings 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 worth $59,000 after acquiring an additional 225 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Granite Construction by 53.0% in the first quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock valued at $64,000 after buying an additional 296 shares during the period.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the company'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 in the company, valued at $3,216,510. This represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 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 $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares of the company's stock, valued at $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. Insiders sold 5,525 shares of company stock worth $608,314 over the last three months. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

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

Granite Construction Stock Down 0.3%

NYSE GVA opened at $110.38 on Wednesday. The business has a fifty day moving average price of $104.04 and a two-hundred day moving average price of $90.66. 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 fifty-two week low of $69.08 and a fifty-two week high of $112.16. The stock has a market capitalization of $4.83 billion, a PE ratio of 36.07 and a beta of 1.40.

Granite Construction (NYSE:GVA - Get Free Report) last released its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.16. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the prior year, the company earned $1.73 earnings per share. The company's quarterly revenue was up 4.4% on a year-over-year basis. Granite Construction has set its FY 2025 guidance at EPS. Equities analysts expect 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 will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.13 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.5%. Granite Construction's dividend payout ratio is presently 16.99%.

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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