Granite Construction Incorporated $GVA Shares Acquired by Versor Investments LP

Key Points

• Versor Investments LP significantly increased its stake in Granite Construction by 49.3% in the first quarter, bringing its total to 14,750 shares valued at approximately $1,112,000.
• Granite Construction recently reported quarterly earnings of $1.93 per share, exceeding analysts' estimates, and achieved a revenue of $1.13 billion.
• The company declared a quarterly dividend of $0.13 per share, with a dividend yield of 0.5% and a payout ratio of 16.99%.

Versor Investments LP grew its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 49.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,750 shares of the construction company's stock after buying an additional 4,872 shares during the quarter. Versor Investments LP's holdings in Granite Construction were worth $1,112,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in shares of Granite Construction by 11.0% during 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 period. First Trust Advisors LP raised its holdings in shares of 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 valued at $99,237,000 after purchasing an additional 294,200 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Granite Construction by 12.4% during the first quarter. Invesco Ltd. now owns 652,759 shares of the construction company's stock valued at $49,218,000 after purchasing an additional 72,175 shares during the last quarter. Mizuho Markets Americas LLC grew its position in Granite Construction by 22.7% during the first quarter. Mizuho Markets Americas LLC now owns 607,269 shares of the construction company's stock valued at $45,788,000 after buying an additional 112,371 shares during the period. Finally, Boston Partners grew its position in Granite Construction by 0.5% during the first quarter. Boston Partners now owns 587,209 shares of the construction company's stock valued at $44,392,000 after buying an additional 2,811 shares during the period.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were 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 disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

GVA has been the topic of several analyst reports. The Goldman Sachs Group lifted 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. Wall Street Zen raised 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, According to MarketBeat, Granite Construction presently has a consensus rating of "Sell" and a consensus price target of $76.00.

Granite Construction Stock Performance

NYSE GVA traded up $1.2850 on Friday, reaching $110.8750. 417,454 shares of the company's stock traded hands, compared to its average volume of 625,256. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 36.23 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 $112.16. The stock has a 50 day moving average price of $96.26 and a 200-day moving average price of $86.69. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57.

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, topping analysts' consensus estimates of $1.77 by $0.16. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter last year, the company earned $1.73 EPS. The business's revenue was up 4.4% on a year-over-year basis. Granite Construction has set its FY 2025 guidance at EPS. Equities research analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

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