Granite Construction Incorporated $GVA Shares Bought by Rhumbline Advisers

Rhumbline Advisers lifted its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 1.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,813 shares of the construction company’s stock after purchasing an additional 2,073 shares during the quarter. Rhumbline Advisers owned about 0.31% of Granite Construction worth $12,513,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GVA. Atria Investments Inc acquired a new position in Granite Construction during the second quarter worth approximately $301,000. CWM LLC increased its holdings 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 buying an additional 141 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Granite Construction by 1.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,948 shares of the construction company’s stock worth $901,000 after buying an additional 225 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Granite Construction by 4.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,539 shares of the construction company’s stock worth $644,000 after buying an additional 398 shares during the period. Finally, CenterBook Partners LP boosted its holdings in Granite Construction by 34.6% in the second quarter. CenterBook Partners LP now owns 34,210 shares of the construction company’s stock valued at $3,199,000 after acquiring an additional 8,793 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have commented on GVA shares. Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research report on Monday, November 24th. 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 report on Tuesday, November 11th. The Goldman Sachs Group assumed coverage on shares of Granite Construction in a research note on Monday, November 24th. They set a “neutral” rating and a $109.00 price objective for the company. Finally, Zacks Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $119.50.

Insider Buying and Selling at Granite Construction

In other news, Director Celeste Beeks Mastin sold 7,614 shares of Granite Construction stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $105.23, for a total transaction of $801,221.22. Following the sale, the director directly owned 10,206 shares of the company’s stock, valued at approximately $1,073,977.38. The trade was a 42.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Granite Construction Stock Up 0.9%

NYSE GVA opened at $107.53 on Monday. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $112.16. The business has a 50 day moving average price of $105.13 and a two-hundred day moving average price of $100.13. The stock has a market cap of $4.69 billion, a PE ratio of 35.14 and a beta of 1.42.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, November 6th. The construction company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates 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%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 30th. Granite Construction’s dividend payout ratio is presently 14.99%.

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.