Key Points
- Director Carlos Hernandez bought 400 Granite Construction shares at an average price of $123.99, investing $49,596 and increasing his holdings by 8.63% to 5,033 shares.
- Granite Construction reported quarterly revenue of $1.46 billion, up 28.8% year over year and above estimates, but earnings of $2.16 per share fell short of the $2.25 consensus forecast.
- Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $158.50 price target; shares opened at $121.31, down 1.6%.
Granite Construction Incorporated (NYSE:GVA - Get Free Report) Director Carlos Hernandez bought 400 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $123.99 per share, with a total value of $49,596.00. Following the transaction, the director owned 5,033 shares in the company, valued at approximately $624,041.67. This represents a 8.63% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Granite Construction Trading Down 1.6%
Shares of GVA stock opened at $121.31 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. Granite Construction Incorporated has a fifty-two week low of $94.18 and a fifty-two week high of $162.08. The firm's 50 day moving average price is $135.88 and its two-hundred day moving average price is $130.57. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of -28.15 and a beta of 1.33.
Granite Construction (NYSE:GVA - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $2.16 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 business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the prior year, the business posted $1.42 EPS. The business's revenue was up 28.8% on a year-over-year basis. On average, analysts anticipate that Granite Construction Incorporated will post 6.14 EPS for the current year.
Granite Construction Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction's dividend payout ratio is currently -12.06%.
Wall Street Analysts Forecast Growth
GVA has been the topic of a number of recent research reports. Oppenheimer boosted their price objective on Granite Construction from $170.00 to $180.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings downgraded Granite Construction from a "hold (c)" rating to a "sell (d+)" rating in a report on Tuesday. The Goldman Sachs Group reduced their price target on Granite Construction from $139.00 to $119.00 and set a "sell" rating on the stock in a research report on Friday, July 31st. Zacks Research raised shares of Granite Construction to a "hold" rating in a research report on Friday, May 29th. Finally, Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $158.50.
View Our Latest Stock Analysis on Granite Construction
Institutional Investors Weigh In On Granite Construction
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System grew its holdings in shares of Granite Construction by 1.3% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company's stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Root Financial Partners LLC grew 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 acquiring an additional 90 shares during the period. GAMMA Investing LLC increased its holdings in Granite Construction by 3.0% in the second quarter. GAMMA Investing LLC now owns 3,616 shares of the construction company's stock valued at $572,000 after purchasing an additional 107 shares during the last quarter. Evergreen Capital Management LLC increased its stake in shares of Granite Construction by 4.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company's stock valued at $263,000 after acquiring an additional 120 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in shares of Granite Construction by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company's stock worth $575,000 after purchasing an additional 148 shares in the last quarter.
Granite Construction Company Profile
(
Get Free Report)
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.
Further Reading
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