Granite Construction Incorporated $GVA Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its holdings in Granite Construction Incorporated (NYSE:GVA) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,774 shares of the construction company’s stock after selling 585 shares during the period. ProShare Advisors LLC’s holdings in Granite Construction were worth $914,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Granite Construction by 26.5% during the 1st quarter. CWM LLC now owns 674 shares of the construction company’s stock worth $51,000 after purchasing an additional 141 shares during the period. Larson Financial Group LLC increased its position in Granite Construction by 214.2% in the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company’s stock worth $28,000 after buying an additional 257 shares during the period. Victory Capital Management Inc. lifted its stake in Granite Construction by 13.2% in the first quarter. Victory Capital Management Inc. now owns 160,462 shares of the construction company’s stock valued at $12,099,000 after buying an additional 18,707 shares during the last quarter. South Dakota Investment Council bought a new stake in Granite Construction in the first quarter valued at $452,000. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Granite Construction by 8.6% during the first quarter. Allianz Asset Management GmbH now owns 59,431 shares of the construction company’s stock valued at $4,481,000 after acquiring an additional 4,696 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GVA. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. DA Davidson raised their price target on shares of Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Granite Construction in a research report on Tuesday, October 14th. Finally, Zacks Research lowered Granite Construction from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.00.

Insider Activity

In related news, SVP Brian R. Dowd sold 2,025 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares of the company’s stock, valued at $1,617,699.60. This trade represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $220,000.00. Following the completion of the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,525 shares of company stock worth $608,314 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Granite Construction Trading Down 1.1%

Shares of NYSE:GVA opened at $101.45 on Tuesday. The company has a 50 day moving average of $105.83 and a 200-day moving average of $98.76. The firm has a market cap of $4.43 billion, a P/E ratio of 33.15 and a beta of 1.42. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month 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.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.14. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.51 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the business earned $2.05 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. As a group, 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 disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.13 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.5%. Granite Construction’s dividend payout ratio is 14.99%.

Granite Construction 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.