US Bancorp DE Reduces Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

US Bancorp DE decreased its position in Granite Construction Incorporated (NYSE:GVA) by 59.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,722 shares of the construction company’s stock after selling 2,548 shares during the period. US Bancorp DE’s holdings in Granite Construction were worth $130,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. bought a new stake in Granite Construction during the 4th quarter valued at $26,000. Larson Financial Group LLC raised its holdings in Granite Construction by 214.2% during the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company’s stock valued at $28,000 after acquiring an additional 257 shares during the period. Quarry LP raised its holdings in Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company’s stock valued at $29,000 after acquiring an additional 132 shares during the period. Rothschild Investment LLC raised its holdings in Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company’s stock valued at $48,000 after acquiring an additional 285 shares during the period. Finally, CWM LLC raised its holdings in Granite Construction by 26.5% during the 1st quarter. CWM LLC now owns 674 shares of the construction company’s stock valued at $51,000 after acquiring an additional 141 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. The Goldman Sachs Group boosted their target price on shares of Granite Construction from $69.00 to $76.00 and gave the company a “sell” rating in a report on Monday, May 5th.

Granite Construction Trading Down 1.2%

Granite Construction stock opened at $109.42 on Friday. The stock has a market cap of $4.79 billion, a P/E ratio of 35.76 and a beta of 1.39. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $111.43. The firm’s fifty day moving average price is $94.70 and its 200-day moving average price is $86.08. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.16. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. Equities research analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.5%. Granite Construction’s dividend payout ratio is presently 16.99%.

Insider Buying and Selling at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of the company’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the transaction, the senior vice president owned 18,819 shares of the company’s stock, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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.