Granite Construction Incorporated $GVA Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Granite Construction by 2.6%, selling 128,859 shares, and now holds approximately 10.85% of the company, valued at $357.8 million.
• The company's quarterly earnings report showed earnings per share of $1.93, exceeding analysts' expectations of $1.77, while its revenue was slightly below estimates at $1.13 billion.
• Granite Construction has recently announced a quarterly dividend of $0.13 per share, offering an annual yield of 0.5% with a dividend payout ratio of 16.99%.

Vanguard Group Inc. cut its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,745,144 shares of the construction company's stock after selling 128,859 shares during the quarter. Vanguard Group Inc. owned about 10.85% of Granite Construction worth $357,784,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GVA. First Trust Advisors LP grew its stake in Granite Construction by 35.1% during the 4th quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company's stock worth $99,237,000 after buying an additional 294,200 shares during the last quarter. Millennium Management LLC grew its stake in Granite Construction by 11.0% during the 4th quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company's stock worth $232,579,000 after buying an additional 263,302 shares during the last quarter. Voya Investment Management LLC grew its stake in Granite Construction by 1,058.0% during the 4th quarter. Voya Investment Management LLC now owns 214,777 shares of the construction company's stock worth $18,838,000 after buying an additional 196,229 shares during the last quarter. GAMMA Investing LLC grew its stake in Granite Construction by 7,509.2% during the 1st quarter. GAMMA Investing LLC now owns 165,729 shares of the construction company's stock worth $12,496,000 after buying an additional 163,551 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Granite Construction by 128.2% during the 4th quarter. Nuveen Asset Management LLC now owns 279,504 shares of the construction company's stock worth $24,515,000 after buying an additional 157,047 shares during the last quarter.

Granite Construction Stock Performance

GVA traded down $0.1780 on Thursday, reaching $109.3720. 321,354 shares of the stock were exchanged, compared to its average volume of 713,394. The company's 50-day moving average price is $96.26 and its 200 day moving average price is $86.69. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $111.43. 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 firm has a market capitalization of $4.79 billion, a PE ratio of 35.74 and a beta of 1.39.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.16. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The firm's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the completion of the transaction, the senior vice president owned 18,819 shares in the company, valued at $1,726,831.44. The trade was a 9.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of Granite Construction stock in a transaction dated 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 of the company's stock, valued at approximately $3,216,510. This represents a 6.40% decrease in their position. The disclosure for this sale can be found here. 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.