Vanguard Trims Granite Construction Stake to 13.5%

TL;DR

**Vanguard cut its stake in Granite Construction to 13.5%.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating a change in its beneficial ownership of Granite Construction Inc. common stock as of December 29, 2023. Vanguard now beneficially owns 7,040,119 shares, representing 13.5% of the company's common stock. This is a decrease from their previous reported ownership, signaling a slight reduction in their stake in Granite Construction, which could be interpreted as a minor shift in Vanguard's investment strategy for the company.

Why It Matters

This filing shows that a major institutional investor, Vanguard, has slightly reduced its ownership in Granite Construction, which could influence other investors' perceptions of the stock's value and future prospects.

Risk Assessment

Risk Level: low — While a major investor reducing its stake can be a minor concern, the change is not drastic enough to signal immediate high risk for the stock.

Analyst Insight

An investor might want to monitor Granite Construction's stock performance and any further institutional ownership changes, as Vanguard's slight reduction could be a signal, albeit a minor one, to re-evaluate their own position.

Key Numbers

• 7,040,119 — Shares Beneficially Owned (Represents the total number of Granite Construction common shares Vanguard holds.)
• 13.5% — Percentage of Class (Indicates Vanguard's significant, but slightly reduced, ownership stake in Granite Construction.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Granite Construction Inc. (company) — subject company whose securities are being reported
• 7,040,119 shares (dollar_amount) — number of shares beneficially owned by Vanguard
• 13.5% (dollar_amount) — percentage of Granite Construction's common stock beneficially owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing

Forward-Looking Statements

• Vanguard's slight reduction in stake may lead to a minor, short-term dip in investor confidence for Granite Construction. (Granite Construction Inc.) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• tv01043-graniteconstructioni.htm (SC 13G/A) — 11KB
• 0001104659-24-021045.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Granite Construction Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 585 West Beach Street Watsonville, CA 95076

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 387328107

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR