State of New Jersey Common Pension Fund D Trims Stock Position in Granite Construction Incorporated $GVA

State of New Jersey Common Pension Fund D lessened its position in shares of Granite Construction Incorporated (NYSE:GVA) by 7.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,860 shares of the construction company’s stock after selling 1,841 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Granite Construction were worth $2,044,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Granite Construction by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company’s stock valued at $16,350,000 after buying an additional 3,737 shares during the period. Golden State Wealth Management LLC raised its position in shares of Granite Construction by 16.6% during the 1st quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company’s stock valued at $385,000 after buying an additional 725 shares during the period. GSA Capital Partners LLP raised its position in shares of Granite Construction by 112.9% during the 1st quarter. GSA Capital Partners LLP now owns 11,279 shares of the construction company’s stock valued at $850,000 after buying an additional 5,981 shares during the period. Picton Mahoney Asset Management raised its position in shares of Granite Construction by 96,340.0% during the 1st quarter. Picton Mahoney Asset Management now owns 14,466 shares of the construction company’s stock valued at $1,091,000 after buying an additional 14,451 shares during the period. Finally, XTX Topco Ltd raised its position in shares of Granite Construction by 104.2% during the 1st quarter. XTX Topco Ltd now owns 19,205 shares of the construction company’s stock valued at $1,448,000 after buying an additional 9,801 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Granite Construction in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.00.

Granite Construction Stock Down 0.7%

Shares of NYSE GVA opened at $103.07 on Thursday. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of 33.68 and a beta of 1.39. 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 52-week low of $69.08 and a 52-week high of $112.16. The business’s 50 day moving average is $107.61 and its two-hundred day moving average is $96.49.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.16. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. Research analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid 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 payout ratio is 16.99%.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the completion of the transaction, the senior vice president owned 29,241 shares in the company, valued at $3,216,510. The trade was a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the business’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $165,240.00. Following the completion of the transaction, the director owned 10,601 shares of the company’s stock, valued at approximately $1,167,806.16. This trade represents a 12.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,525 shares of company stock worth $608,314 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

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.