Voya Investment Management LLC Increases Stock Holdings in Granite Construction Incorporated $GVA

Key Points

• Voya Investment Management LLC increased its stake in Granite Construction by 11.3%, acquiring an additional 24,203 shares, resulting in a total ownership of 238,980 shares valued at approximately $18 million.
• Granite Construction's stock has recently been rated from "hold" to "buy" by Wall Street Zen, despite a consensus rating of "sell" with a price target of $76.00.
• The company reported a quarterly EPS of $1.93, exceeding estimates, with a revenue of $1.13 billion, which is a 4.4% increase year-over-year.

Voya Investment Management LLC boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,980 shares of the construction company's stock after acquiring an additional 24,203 shares during the period. Voya Investment Management LLC owned about 0.55% of Granite Construction worth $18,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Granite Construction during the 1st quarter worth about $1,071,000. Intech Investment Management LLC grew its holdings in Granite Construction by 8.3% during the 1st quarter. Intech Investment Management LLC now owns 45,731 shares of the construction company's stock worth $3,448,000 after acquiring an additional 3,516 shares in the last quarter. Bayforest Capital Ltd grew its holdings in Granite Construction by 208.6% during the 1st quarter. Bayforest Capital Ltd now owns 9,212 shares of the construction company's stock worth $695,000 after acquiring an additional 6,227 shares in the last quarter. SCS Capital Management LLC bought a new position in Granite Construction during the 1st quarter worth about $265,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Granite Construction by 21.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company's stock worth $12,732,000 after acquiring an additional 29,428 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Sell" and an average target price of $76.00.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 2,000 shares of the business's stock in a transaction on 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 sale, the senior vice president owned 29,241 shares of the company's stock, valued at approximately $3,216,510. The trade was a 6.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $223,074.00. Following the sale, the senior vice president directly owned 14,685 shares of the company's stock, valued at $1,617,699.60. The trade was a 12.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by corporate insiders.

Granite Construction Stock Performance

NYSE GVA traded up $0.14 on Friday, hitting $109.74. 1,360,327 shares of the company's stock traded hands, compared to its average volume of 433,565. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $112.16. The firm's 50-day moving average price is $103.33 and its two-hundred day moving average price is $90.09. The firm has a market capitalization of $4.81 billion, a PE ratio of 35.86 and a beta of 1.41.

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

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Granite Construction's payout ratio is presently 16.99%.

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.