Comerica Bank Has $8.29 Million Position in Granite Construction Incorporated $GVA

Comerica Bank lowered its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 14.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,839 shares of the construction company’s stock after selling 12,129 shares during the quarter. Comerica Bank’s holdings in Granite Construction were worth $8,287,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Root Financial Partners LLC acquired a new stake in shares of Granite Construction during the third quarter worth about $26,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Granite Construction during the fourth quarter worth about $29,000. Salomon & Ludwin LLC bought a new position in shares of Granite Construction during the third quarter worth about $42,000. Spire Wealth Management acquired a new stake in Granite Construction in the 4th quarter valued at approximately $46,000. Finally, Federated Hermes Inc. raised its position in Granite Construction by 94.6% in the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after buying an additional 212 shares during the last quarter.

Granite Construction Stock Down 1.8%

Shares of Granite Construction stock opened at $122.58 on Thursday. The business’s 50 day simple moving average is $125.16 and its 200 day simple moving average is $117.71. Granite Construction Incorporated has a 52-week low of $76.57 and a 52-week high of $137.24. The firm has a market cap of $5.36 billion, a PE ratio of 33.49 and a beta of 1.30. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.13 and a current ratio of 1.22.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The business’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, March 31st. Granite Construction’s dividend payout ratio (DPR) is currently 14.21%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GVA. Zacks Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. DA Davidson lifted their target price on Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group lifted their target price on Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Finally, Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.50.

Insider Buying and Selling

In other Granite Construction news, CEO Kyle T. Larkin sold 26,651 shares of the firm’s stock in a transaction that occurred on Friday, March 27th. The stock was 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 directly owned 114,881 shares in the company, valued at $13,569,743.72. This trade represents a 18.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Staci M. Woolsey sold 1,523 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were 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 owned 18,954 shares of the company’s stock, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,488 shares of company stock valued at $4,207,042. Corporate insiders own 1.00% of the company’s stock.

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.