Granite Construction Incorporated $GVA Stock Holdings Lowered by US Bancorp DE

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 holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 59.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,722 shares of the construction company's stock after selling 2,548 shares during the period. US Bancorp DE's holdings in Granite Construction were worth $130,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GVA. Mariner LLC lifted its position in shares of Granite Construction by 1.0% during the fourth quarter. Mariner LLC now owns 12,408 shares of the construction company's stock worth $1,088,000 after purchasing an additional 119 shares in the last quarter. Quarry LP lifted its position in shares of Granite Construction by 68.4% during the fourth quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after purchasing an additional 132 shares in the last quarter. CWM LLC lifted its position 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 purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Granite Construction by 3.4% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,299 shares of the construction company's stock worth $377,000 after purchasing an additional 142 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in shares of Granite Construction by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,607 shares of the construction company's stock worth $404,000 after purchasing an additional 146 shares in the last quarter.

Analyst Ratings Changes

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

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $0.6750 on Wednesday, reaching $108.7750. 147,967 shares of the company's stock were exchanged, compared to its average volume of 626,421. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of 35.56 and a beta of 1.39. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $111.43. The business's 50-day moving average is $95.47 and its two-hundred day moving average is $86.38. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66.

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

Granite Construction Dividend Announcement

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

Insider Activity at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the transaction, the senior vice president owned 18,819 shares in the company, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company's stock.

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.