Granite Construction Incorporated (NYSE:GVA) Stock Has Consensus Target Price of $158.50 According to Brokerages

Key Points

• Analysts hold a mixed view: Granite Construction has an average “Hold” rating from six analysts, with a consensus 12-month price target of $158.50 versus its reported share price of $106.50.
• Quarterly results were mixed: Revenue rose 28.8% year over year to $1.46 billion, exceeding expectations, but earnings per share of $2.16 fell short of the $2.25 consensus estimate.
• Insider and institutional activity was positive: Director Carlos M. Hernandez bought 400 shares, while several institutional investors increased their positions; the company also maintains a quarterly dividend of $0.13 per share.

Granite Construction Incorporated (NYSE:GVA - Get Free Report) has received an average rating of "Hold" from the six analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $158.50.

A number of brokerages recently commented on GVA. Oppenheimer raised their target price on Granite Construction from $170.00 to $180.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. The Goldman Sachs Group decreased their target price on shares of Granite Construction from $139.00 to $119.00 and set a "sell" rating on the stock in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Weiss Ratings downgraded shares of Granite Construction from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, September 2nd.

Insider Activity at Granite Construction

In other news, Director Carlos M. Hernandez acquired 400 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the transaction, the director directly owned 5,033 shares of the company's stock, valued at approximately $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Construction

A number of institutional investors have recently bought and sold shares of GVA. Tectonic Advisors LLC increased its stake in Granite Construction by 10.1% in the 3rd quarter. Tectonic Advisors LLC now owns 1,739 shares of the construction company's stock worth $202,000 after buying an additional 160 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of Granite Construction by 40.3% in the third quarter. Sterling Capital Management LLC now owns 4,101 shares of the construction company's stock valued at $475,000 after acquiring an additional 1,177 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Granite Construction in the third quarter valued at about $26,000. Quadrant Capital Group LLC boosted its stake in shares of Granite Construction by 5.1% in the third quarter. Quadrant Capital Group LLC now owns 6,088 shares of the construction company's stock worth $689,000 after acquiring an additional 295 shares during the period. Finally, Robbins Farley boosted its stake in shares of Granite Construction by 6.7% in the third quarter. Robbins Farley now owns 46,865 shares of the construction company's stock worth $5,432,000 after acquiring an additional 2,955 shares during the period.

Granite Construction Price Performance

NYSE GVA opened at $106.50 on Friday. Granite Construction has a 1-year low of $97.26 and a 1-year high of $162.08. The business's fifty day moving average price is $116.70 and its 200-day moving average price is $127.47. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -24.71 and a beta of 1.34.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.09). The firm had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.41 billion. Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%. The company's revenue for the quarter was up 28.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 earnings per share. On average, equities analysts predict that Granite Construction will post 6.36 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.5%. Granite Construction's dividend payout ratio is -12.06%.

Granite Construction Company Profile

Granite Construction Incorporated NYSE: GVA is an infrastructure construction company that provides engineering, construction and rehabilitation services for public and private-sector clients. The company's work supports transportation, water and other essential infrastructure projects across the United States.

Granite's transportation activities include the construction and maintenance of highways, roads, bridges, airports, rail systems and other transit facilities. Its water-related services include the development and improvement of water treatment and distribution systems, wastewater facilities, dams, pipelines and related infrastructure.

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