SCHEDULE: FMR LLC & Abigail Johnson Boost Granite Construction Stake to 10.4%

FMR LLC and Abigail P. Johnson have disclosed an aggregate beneficial ownership of 10.4% of Granite Construction Inc.'s common stock as of December 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively beneficially own 4,627,464.29 shares of Granite Construction Inc. common stock.
• This aggregate ownership represents 10.4% of the total outstanding common stock of Granite Construction Inc.
• FMR LLC holds sole voting power over 4,506,730.41 shares and sole dispositive power over 4,627,464.29 shares.
• Abigail P. Johnson holds sole dispositive power over 4,627,464.29 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, updating previous ownership disclosures.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Granite Construction Inc.
• Several FMR LLC subsidiaries and affiliates, including Fidelity Management & Research Company LLC, are identified as entities that beneficially own shares.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership by a major institutional investor. The maintenance of a significant stake (10.4%) by FMR LLC and Abigail P. Johnson can be interpreted as a positive signal of confidence in Granite Construction Inc. However, the filing itself does not contain performance data or forward-looking statements from the issuer, limiting a stronger sentiment.

Positives

• The disclosure of a significant 10.4% stake by a major institutional investor (FMR LLC) and its principal (Abigail P. Johnson) can be interpreted as a vote of confidence in Granite Construction Inc.'s prospects.
• The explicit statement that the securities are held in the ordinary course of business and not for control purposes may alleviate concerns about potential activist investor actions.

Future Outlook

NA

Management Comments

• 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 and are not held 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.

Industry Context

This filing indicates a significant institutional investment in the construction sector, represented by Granite Construction Inc. The continued or increased stake by a major asset manager like FMR LLC suggests ongoing interest in the industry, potentially driven by infrastructure spending or general economic growth prospects.

Stakeholder Impact

• Shareholders: The disclosure of a significant 10.4% stake by a prominent institutional investor like FMR LLC and its principal, Abigail P. Johnson, could instill confidence among existing shareholders and potentially attract new investors, influencing market perception of Granite Construction Inc.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of beneficial ownership by FMR LLC and Abigail P. Johnson, indicating a significant 10.4% stake in Granite Construction Inc. While the maintenance of such a substantial position by a major institutional investor can be viewed as a positive signal of confidence, the filing itself does not provide new financial performance data, strategic updates, or forward-looking guidance from Granite Construction Inc. that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, pending further operational or financial disclosures from the company.

Keywords

Granite Construction Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, beneficial ownership, common stock, institutional investor, construction industry, equity stake