Xponance Inc. Increases Stake in Granite Construction Incorporated (NYSE:GVA)

Xponance Inc. increased its holdings in Granite Construction Incorporated (NYSE:GVA) by 5.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,328 shares of the construction company’s stock after purchasing an additional 160 shares during the period. Xponance Inc.’s holdings in Granite Construction were worth $251,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in GVA. Federated Hermes Inc. bought a new position in Granite Construction in the 4th quarter worth $26,000. Quarry LP raised its holdings in Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company’s stock worth $29,000 after purchasing an additional 132 shares in the last quarter. Rothschild Investment LLC raised its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company’s stock worth $48,000 after purchasing an additional 285 shares in the last quarter. Blue Trust Inc. raised its holdings in Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company’s stock worth $59,000 after purchasing an additional 225 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Granite Construction by 53.0% in the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company’s stock worth $64,000 after purchasing an additional 296 shares in the last quarter.

Insider Transactions at Granite Construction

In related news, CEO Kyle T. Larkin sold 3,617 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $80.38, for a total value of $290,734.46. Following the completion of the sale, the chief executive officer directly owned 132,366 shares of the company’s stock, valued at $10,639,579.08. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the transaction, the senior vice president owned 18,819 shares of the company’s stock, valued at $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,432 shares of company stock valued at $699,804. 0.81% of the stock is owned by insiders.

Granite Construction Trading Up 0.1%

Shares of GVA opened at $93.99 on Friday. The company’s fifty day moving average is $90.33 and its 200 day moving average is $84.81. Granite Construction Incorporated has a fifty-two week low of $64.24 and a fifty-two week high of $105.20. The stock has a market capitalization of $4.11 billion, a PE ratio of 39.16 and a beta of 1.32. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.57.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The business had revenue of $699.55 million for the quarter, compared to analysts’ expectations of $706.15 million. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. Sell-side analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction’s dividend payout ratio is currently 21.67%.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group increased their price target on shares of Granite Construction from $69.00 to $76.00 and gave the stock a “sell” rating in a research note on Monday, May 5th.

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.