Advisors Asset Management Inc. Has $8.79 Million Stake in Granite Construction Incorporated $GVA

Advisors Asset Management Inc. reduced its holdings in Granite Construction Incorporated (NYSE:GVA) by 15.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 94,046 shares of the construction company’s stock after selling 17,797 shares during the period. Advisors Asset Management Inc. owned 0.21% of Granite Construction worth $8,794,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake 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. Caitong International Asset Management Co. Ltd bought a new stake in Granite Construction during the first quarter worth about $70,000. Cheviot Value Management LLC acquired a new position in Granite Construction during the first quarter valued at approximately $73,000. Penserra Capital Management LLC acquired a new position in Granite Construction during the second quarter valued at approximately $138,000. Finally, Parkside Financial Bank & Trust grew its stake in Granite Construction by 7.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,642 shares of the construction company’s stock valued at $154,000 after purchasing an additional 111 shares in the last quarter.

Granite Construction Trading Up 0.9%

Shares of Granite Construction stock opened at $105.65 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. The business has a fifty day simple moving average of $105.25 and a two-hundred day simple moving average of $99.66. Granite Construction Incorporated has a 1 year low of $69.08 and a 1 year high of $112.16. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 34.53 and a beta of 1.42.

Granite Construction (NYSE:GVA) last released its quarterly earnings data 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 firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.51 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.05 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. Research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GVA shares. Wall Street Zen cut Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research downgraded shares of Granite Construction from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 12th. The Goldman Sachs Group began coverage on shares of Granite Construction in a research report on Monday. They set a “neutral” rating and a $109.00 price target on the stock. DA Davidson increased their price target on shares of Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Granite Construction in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Granite Construction currently has a consensus rating of “Hold” and an average price target of $119.50.

Insiders Place Their Bets

In related news, Director Louis E. Caldera sold 1,500 shares of Granite Construction stock in a transaction that occurred 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 sale, the director directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were 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 owned 14,685 shares of the company’s stock, valued at $1,617,699.60. This trade represents a 12.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 11,139 shares of company stock worth $1,189,535 over the last three months. 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.