Vanguard Group Inc. Decreases Position in Granite Construction Incorporated $GVA

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. lessened its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Millennium Management LLC boosted its position in shares of 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 purchasing an additional 263,302 shares in the last quarter. First Trust Advisors LP boosted its position in shares of 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 purchasing an additional 294,200 shares in the last quarter. Northern Trust Corp boosted its position in shares of Granite Construction by 17.9% during the 4th quarter. Northern Trust Corp now owns 579,384 shares of the construction company's stock worth $50,818,000 after purchasing an additional 87,783 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Granite Construction by 10.6% during the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company's stock worth $46,959,000 after purchasing an additional 51,520 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Granite Construction by 5.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 530,971 shares of the construction company's stock worth $46,572,000 after purchasing an additional 28,245 shares in the last quarter.

Granite Construction Stock Performance

Shares of Granite Construction stock traded down $0.6750 during mid-day trading on Wednesday, hitting $108.7750. 147,967 shares of the stock were exchanged, compared to its average volume of 626,421. Granite Construction Incorporated has a 12 month low of $69.08 and a 12 month high of $111.43. The company has a 50-day simple moving average of $95.47 and a 200 day simple moving average of $86.38. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The company has a market capitalization of $4.76 billion, a P/E ratio of 35.56 and a beta of 1.39.

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

Granite Construction Announces Dividend

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

Insider Activity at Granite Construction

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the transaction, the senior vice president owned 18,819 shares of the company's stock, valued at $1,726,831.44. This trade represents a 9.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GVA shares. The Goldman Sachs Group raised their price target on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a research report on Monday, May 5th. 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 equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Granite Construction has a consensus rating of "Sell" and a consensus target price of $76.00.

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.