Geode Capital Management LLC Acquires 7,979 Shares of Granite Construction Incorporated $GVA

Geode Capital Management LLC increased its holdings in Granite Construction Incorporated (NYSE:GVA) by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,037,916 shares of the construction company’s stock after purchasing an additional 7,979 shares during the period. Geode Capital Management LLC’s holdings in Granite Construction were worth $97,066,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. 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 purchasing an additional 141 shares during the period. Cheviot Value Management LLC acquired a new stake in Granite Construction in the 1st quarter valued at $73,000. Caitong International Asset Management Co. Ltd bought a new stake in Granite Construction in the first quarter valued at $70,000. Penserra Capital Management LLC acquired a new position in Granite Construction during the second quarter worth $138,000. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Granite Construction by 7.3% during the second quarter. Parkside Financial Bank & Trust now owns 1,642 shares of the construction company’s stock valued at $154,000 after acquiring an additional 111 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GVA. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. DA Davidson raised their price objective on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.00.

Granite Construction Trading Up 1.4%

GVA opened at $103.83 on Friday. Granite Construction Incorporated has a 1-year low of $69.08 and a 1-year high of $112.16. The stock has a market capitalization of $4.53 billion, a PE ratio of 33.93 and a beta of 1.42. 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 firm has a 50-day moving average price of $105.40 and a two-hundred day moving average price of $99.10.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.56 by $0.14. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. Granite Construction’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid 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 (DPR) is 14.99%.

Insiders Place Their Bets

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction dated 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 sale, the senior vice president directly owned 14,685 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total value of $165,240.00. Following the sale, the director directly owned 10,601 shares of the company’s stock, valued at $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.00% of the company’s stock.

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.