Granite Construction (NYSE:GVA) Price Target Raised to $76.00

by · The Cerbat Gem

Granite Construction (NYSE:GVA – Free Report) had its target price hoisted by The Goldman Sachs Group from $69.00 to $76.00 in a research report released on Monday,Benzinga reports. They currently have a sell rating on the construction company’s stock.

Granite Construction Trading Down 1.1 %

NYSE GVA opened at $81.27 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.56 and a current ratio of 1.66. Granite Construction has a one year low of $58.23 and a one year high of $105.20. The company has a 50-day simple moving average of $76.86 and a 200-day simple moving average of $85.80. The firm has a market capitalization of $3.55 billion, a PE ratio of 32.90 and a beta of 1.33.

Granite Construction (NYSE:GVA – Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.43) by $0.44. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. The company had revenue of $699.55 million during the quarter, compared to analyst estimates of $706.15 million. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts forecast that Granite Construction will post 5.49 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.13 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.64%. Granite Construction’s dividend payout ratio (DPR) is presently 21.67%.

Insider Buying and Selling at Granite Construction

In other news, COO James A. Radich sold 2,500 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $87.14, for a total transaction of $217,850.00. Following the transaction, the chief operating officer now directly owns 28,256 shares of the company’s stock, valued at approximately $2,462,227.84. This trade represents a 8.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kyle T. Larkin sold 3,617 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $80.38, for a total transaction of $290,734.46. Following the completion of the sale, the chief executive officer now directly owns 132,366 shares of the company’s stock, valued at $10,639,579.08. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,932 shares of company stock valued at $896,979 in the last ninety days. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Granite Construction

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new position in shares of Granite Construction during the 4th quarter valued at $26,000. Larson Financial Group LLC boosted its stake in Granite Construction by 214.2% during the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company’s stock valued at $28,000 after buying an additional 257 shares in the last quarter. Quarry LP grew its holdings in Granite Construction by 68.4% during the fourth quarter. Quarry LP now owns 325 shares of the construction company’s stock worth $29,000 after acquiring an additional 132 shares during the period. Rothschild Investment LLC lifted its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company’s stock valued at $48,000 after acquiring an additional 285 shares during the last quarter. Finally, CWM LLC lifted its holdings in Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company’s stock valued at $51,000 after acquiring an additional 141 shares during the last quarter.

About Granite Construction

(Get Free Report)

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.

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