Granite Construction Incorporated (NYSE:GVA – Get Free Report) Director Carlos Hernandez bought 400 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $123.99 per share, with a total value of $49,596.00. Following the purchase, the director directly owned 5,033 shares in the company, valued at approximately $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Granite Construction Trading Up 5.3%
NYSE GVA opened at $127.99 on Friday. Granite Construction Incorporated has a 1-year low of $97.26 and a 1-year high of $162.08. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $5.60 billion, a PE ratio of -29.70 and a beta of 1.33. The firm’s fifty day simple moving average is $135.70 and its 200-day simple moving average is $130.55.
Granite Construction (NYSE:GVA – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business posted $1.42 EPS. Granite Construction’s revenue for the quarter was up 28.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.
Granite Construction Announces Dividend
Institutional Trading of Granite Construction
Large investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Granite Construction by 73.2% during the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock worth $1,612,000 after acquiring an additional 9,038 shares during the last quarter. United Services Automobile Association bought a new stake in Granite Construction during the first quarter valued at about $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Granite Construction by 21.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company’s stock valued at $12,732,000 after purchasing an additional 29,428 shares during the last quarter. Marshall Wace LLP grew its position in shares of Granite Construction by 2,423.4% in the second quarter. Marshall Wace LLP now owns 89,882 shares of the construction company’s stock valued at $8,405,000 after purchasing an additional 86,320 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new position in shares of Granite Construction in the second quarter worth about $229,000.
Wall Street Analysts Forecast Growth
GVA has been the topic of several recent research reports. Oppenheimer raised their price objective on shares of Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Stephens initiated coverage on shares of Granite Construction in a research note on Friday, June 26th. They set an “overweight” rating and a $180.00 price target on the stock. The Goldman Sachs Group cut their price target on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a report on Friday, July 31st. Finally, Weiss Ratings lowered shares of Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Granite Construction presently has an average rating of “Hold” and an average target price of $158.50.
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.
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