VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Granite Construction Incorporated $GVA

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 26,600 shares of the construction company's stock, valued at approximately $2,487,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of Granite Construction as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in GVA. Larson Financial Group LLC grew its stake in shares of Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after buying an additional 257 shares in the last quarter. CWM LLC grew its stake in shares of Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after buying an additional 141 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock valued at $59,000 after buying an additional 225 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Granite Construction during the first quarter worth approximately $70,000. Finally, Cheviot Value Management LLC bought a new stake in Granite Construction during the first quarter worth approximately $73,000.

Granite Construction Stock Down 0.0%

GVA opened at $105.63 on Wednesday. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $112.16. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 34.52 and a beta of 1.39. The business has a 50 day moving average of $108.36 and a 200-day moving average of $95.16.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share 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 during the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the prior year, the business earned $1.73 earnings per share. Granite Construction's revenue for the quarter was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given 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 Tuesday, September 30th. Granite Construction's dividend payout ratio is currently 16.99%.

Wall Street Analyst Weigh In

GVA has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Granite Construction in a research report on Tuesday, October 14th. Wall Street Zen raised 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 Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $76.00.

Insider Activity

In related news, SVP Brian R. Dowd sold 2,025 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $223,074.00. Following the completion of the transaction, the senior vice president directly owned 14,685 shares in the company, valued at approximately $1,617,699.60. This represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Louis E. Caldera sold 1,500 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the transaction, the director owned 10,601 shares of the company's stock, valued at $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by company insiders.

Granite Construction Company Profile

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.

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