US Bancorp DE Decreases Stock Position in Granite Construction Incorporated $GVA

Key Points

• US Bancorp DE significantly reduced its stake in Granite Construction Incorporated by 59.7% during the first quarter, now holding 1,722 shares valued at approximately $130,000.
• Analysts have raised their outlook on Granite Construction, with Wall Street Zen upgrading the stock from a "hold" to a "buy" rating, and The Goldman Sachs Group increasing its price target from $69.00 to $76.00.
• Granite Construction reported better-than-expected earnings of $1.93 per share for the most recent quarter but fell short on revenue, generating $1.13 billion compared to the expected $1.16 billion.

US Bancorp DE trimmed its position in Granite Construction Incorporated (NYSE:GVA - Free Report) by 59.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,722 shares of the construction company's stock after selling 2,548 shares during the quarter. US Bancorp DE's holdings in Granite Construction were worth $130,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Millennium Management LLC raised its stake in shares of Granite Construction by 11.0% in the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after purchasing an additional 263,302 shares during the last quarter. First Trust Advisors LP grew its holdings in Granite Construction by 35.1% during the fourth quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock worth $99,237,000 after acquiring an additional 294,200 shares during the period. Northern Trust Corp grew its holdings in Granite Construction by 17.9% during the fourth quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock worth $50,818,000 after acquiring an additional 87,783 shares during the period. Ameriprise Financial Inc. grew its holdings in Granite Construction by 10.6% during the fourth quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock worth $46,959,000 after acquiring an additional 51,520 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Granite Construction by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 530,971 shares of the construction company's stock worth $46,572,000 after acquiring an additional 28,245 shares during the period.

Analysts Set New Price Targets

Several research firms recently commented on GVA. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. The Goldman Sachs Group raised their target price on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of "Sell" and an average target price of $76.00.

Insider Activity at Granite Construction

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the sale, the senior vice president directly owned 18,819 shares of the company's stock, valued at approximately $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were 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 in the company, valued at approximately $3,216,510. This trade represents a 6.40% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Granite Construction Price Performance

GVA traded down $0.1780 during trading on Thursday, hitting $109.3720. The company's stock had a trading volume of 321,354 shares, compared to its average volume of 713,394. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $111.43. The business's fifty day simple moving average is $96.26 and its 200 day simple moving average is $86.69. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 35.74 and a beta of 1.39.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, beating 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 company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned $1.73 earnings per share. Granite Construction's quarterly revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently 16.99%.

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.