Granite Construction Incorporated (NYSE:GVA – Get Free Report) SVP Bradley Jay Williams sold 6,734 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $949,494.00. Following the completion of the transaction, the senior vice president directly owned 7,041 shares in the company, valued at $992,781. This trade represents a 48.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Granite Construction Stock Down 1.0%
Shares of NYSE GVA opened at $139.87 on Tuesday. The firm has a market capitalization of $6.12 billion, a PE ratio of 40.31 and a beta of 1.32. 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 1 year low of $87.72 and a 1 year high of $145.00. The firm’s 50-day moving average is $130.70 and its 200-day moving average is $124.07.
Granite Construction (NYSE:GVA – Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $1.03. The company had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. Equities analysts expect that Granite Construction Incorporated will post 5.13 EPS for the current year.
Granite Construction Announces Dividend
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on GVA. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Oppenheimer began coverage on shares of Granite Construction in a research report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price target on the stock. DA Davidson increased their price target on shares of Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Weiss Ratings downgraded shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $149.67.
Read Our Latest Stock Analysis on Granite Construction
Institutional Trading of Granite Construction
Hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd raised its holdings in Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in Granite Construction during the 4th quarter worth approximately $29,000. Root Financial Partners LLC raised its holdings in Granite Construction by 30.9% during the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock worth $46,000 after buying an additional 90 shares during the period. Spire Wealth Management acquired a new stake in Granite Construction during the 4th quarter worth approximately $46,000. Finally, Federated Hermes Inc. raised its holdings in Granite Construction by 94.6% during the 3rd 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.
Granite Construction Company 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.
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