Granite Construction (NYSE:GVA) Director Acquires $49,596.00 in Stock

Key Points

• Director Carlos Hernandez purchased 400 Granite Construction shares at $123.99 each, investing $49,596 and increasing his direct ownership by 8.63% to 5,033 shares.
• Granite Construction’s stock fell 1.6% to $121.31. The company beat revenue expectations with $1.46 billion in quarterly revenue, but earnings per share of $2.16 missed the $2.25 consensus estimate.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and a $158.50 target price. The company also maintains a quarterly dividend of $0.13 per share, yielding approximately 0.4% annually.

Granite Construction Incorporated (NYSE:GVA - Get Free Report) Director Carlos Hernandez acquired 400 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $123.99 per share, with a total value of $49,596.00. Following the acquisition, the director directly owned 5,033 shares in the company, valued at $624,041.67. This represents a 8.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

Granite Construction Stock Down 1.6%

GVA traded down $2.02 on Thursday, hitting $121.31. 813,992 shares of the company were exchanged, compared to its average volume of 767,794. The stock's fifty day moving average is $136.21 and its 200-day moving average is $130.57. Granite Construction Incorporated has a 12 month low of $94.18 and a 12 month high of $162.08. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market cap of $5.31 billion, a PE ratio of -28.15 and a beta of 1.33.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share 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 company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The firm's revenue for the quarter was up 28.8% compared to the same quarter last year. Equities research analysts predict that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction's payout ratio is presently -12.06%.

Hedge Funds Weigh In On Granite Construction

Large investors have recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in Granite Construction during the second quarter worth approximately $1,407,000. Pacific Sage Partners LLC bought a new position in Granite Construction in the second quarter valued at approximately $220,000. Regent Peak Wealth Advisors LLC bought a new position in Granite Construction in the second quarter valued at approximately $253,000. Fiduciary Financial Group LLC raised its position in Granite Construction by 9.5% during the second quarter. Fiduciary Financial Group LLC now owns 5,771 shares of the construction company's stock valued at $912,000 after purchasing an additional 502 shares in the last quarter. Finally, KWB Wealth acquired a new position in Granite Construction during the second quarter valued at approximately $960,000.

Wall Street Analyst Weigh In

A number of analysts have commented on GVA shares. Stephens initiated coverage on shares of Granite Construction in a research note on Friday, June 26th. They issued an "overweight" rating and a $180.00 price target for the company. The Goldman Sachs Group lowered their price objective 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. Oppenheimer upped their target price on shares of Granite Construction from $170.00 to $180.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Wall Street Zen cut Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Zacks Research raised Granite Construction to a "hold" rating in a research report on Friday, May 29th. 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 given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus 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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