Granite Construction Incorporated $GVA Shares Sold by Mizuho Markets Americas LLC

Mizuho Markets Americas LLC lessened its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 28.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 148,351 shares of the construction company’s stock after selling 58,387 shares during the period. Mizuho Markets Americas LLC’s holdings in Granite Construction were worth $17,112,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Root Financial Partners LLC acquired a new stake in shares of Granite Construction during the 3rd quarter worth about $26,000. Newbridge Financial Services Group Inc. acquired a new position in Granite Construction during the fourth quarter worth approximately $29,000. Spire Wealth Management acquired a new position in Granite Construction during the fourth quarter worth approximately $46,000. Federated Hermes Inc. increased its position in Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after buying an additional 212 shares during the period. Finally, Torren Management LLC acquired a new position in Granite Construction during the fourth quarter worth approximately $56,000.

Wall Street Analysts Forecast Growth

GVA has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price target on Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. DA Davidson lifted their price target on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings lowered Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $139.50.

Insiders Place Their Bets

In other news, CFO Staci M. Woolsey sold 1,523 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the transaction, the chief financial officer directly owned 18,954 shares of the company’s stock, valued at $2,271,447.36. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Kyle T. Larkin sold 26,651 shares of the company’s stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the transaction, the chief executive officer owned 114,881 shares of the company’s stock, valued at $13,569,743.72. The trade was a 18.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 35,488 shares of company stock valued at $4,207,042. Insiders own 1.00% of the company’s stock.

Granite Construction Trading Up 1.9%

NYSE:GVA opened at $130.06 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 0.80. Granite Construction Incorporated has a 12-month low of $85.01 and a 12-month high of $145.00. The firm has a market cap of $5.69 billion, a P/E ratio of 37.48 and a beta of 1.35. The stock’s 50 day simple moving average is $127.10 and its 200-day simple moving average is $121.19.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The company had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. During the same period in the previous year, the business earned $0.01 earnings per share. Granite Construction’s quarterly revenue was up 30.4% compared to the same quarter last year.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.