Comerica Bank Has $8.29 Million Stock Holdings in Granite Construction Incorporated $GVA

Comerica Bank cut its holdings in Granite Construction Incorporated (NYSE:GVA) by 14.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 71,839 shares of the construction company’s stock after selling 12,129 shares during the quarter. Comerica Bank owned approximately 0.16% of Granite Construction worth $8,287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Millennium Management LLC increased its stake in shares of Granite Construction by 8.9% in the third quarter. Millennium Management LLC now owns 1,602,382 shares of the construction company’s stock valued at $175,701,000 after buying an additional 131,360 shares in the last quarter. Mizuho Markets Cayman LP increased its stake in shares of Granite Construction by 569.9% in the third quarter. Mizuho Markets Cayman LP now owns 1,339,818 shares of the construction company’s stock valued at $151,064,000 after buying an additional 1,139,818 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of Granite Construction by 12.4% during the third quarter. Wasatch Advisors LP now owns 861,770 shares of the construction company’s stock valued at $94,493,000 after acquiring an additional 94,902 shares during the period. UBS Group AG lifted its stake in shares of Granite Construction by 262.8% during the fourth quarter. UBS Group AG now owns 647,589 shares of the construction company’s stock valued at $74,699,000 after acquiring an additional 469,079 shares during the period. Finally, Cartenna Capital LP lifted its stake in shares of Granite Construction by 22.0% during the third quarter. Cartenna Capital LP now owns 610,000 shares of the construction company’s stock valued at $66,886,000 after acquiring an additional 110,000 shares during the period.

Wall Street Analyst Weigh In

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

Granite Construction Price Performance

Shares of GVA opened at $122.58 on Thursday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.79. Granite Construction Incorporated has a 1 year low of $76.57 and a 1 year high of $137.24. The stock has a market cap of $5.36 billion, a P/E ratio of 33.49 and a beta of 1.30. The stock’s 50-day moving average price is $125.16 and its two-hundred day moving average price is $117.71.

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

Granite Construction Dividend Announcement

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

Insider Transactions at Granite Construction

In other news, CEO Kyle T. Larkin sold 26,651 shares of the firm’s stock in a transaction dated Friday, March 27th. The stock was sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the sale, the chief executive officer owned 114,881 shares of the company’s stock, 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 SEC, which is available through this hyperlink. Also, CFO Staci M. Woolsey sold 1,523 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the sale, the chief financial officer directly owned 18,954 shares in the company, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 35,488 shares of company stock worth $4,207,042. Company insiders own 1.00% of the company’s stock.

Granite Construction Profile

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.