Insider Buying: Granite Construction (NYSE:GVA) Director Buys 375 Shares of Stock

Key Points

• Granite Construction director John Timothy Romer bought shares twice in quick succession, including 375 shares on June 12 at $141.79 each and another 375 shares on June 15 at $143.65 each, boosting his direct ownership to 2,426 shares.
• The company’s stock edged higher in Monday trading, rising 0.4% to $141.09, near its 52-week high of $145.00 and above both its 50-day and 200-day moving averages.
• Granite Construction reported strong recent quarterly results, with EPS of $0.26 versus a consensus loss estimate and revenue up 30.4% year over year, while analysts currently rate the stock a consensus Hold with a $149.67 price target.

Granite Construction Incorporated (NYSE:GVA - Get Free Report) Director John Timothy Romer acquired 375 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $141.79 per share, for a total transaction of $53,171.25. Following the purchase, the director directly owned 2,426 shares in the company, valued at $343,982.54. This trade represents a 18.28% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

John Timothy Romer also recently made the following trade(s):

• On Monday, June 15th, John Timothy Romer acquired 375 shares of Granite Construction stock. The shares were acquired at an average cost of $143.65 per share, for a total transaction of $53,868.75.

Granite Construction Trading Up 0.4%

Granite Construction stock traded up $0.49 during mid-day trading on Monday, hitting $141.09. 513,892 shares of the company's stock were exchanged, compared to its average volume of 667,706. The firm has a market capitalization of $6.17 billion, a P/E ratio of 40.66 and a beta of 1.32. Granite Construction Incorporated has a fifty-two week low of $88.17 and a fifty-two week high of $145.00. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The company's 50 day simple moving average is $132.28 and its 200-day simple moving average is $125.07.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The firm had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. During the same quarter last year, the business posted $0.01 EPS. The company's revenue for the quarter was up 30.4% on a year-over-year basis. On average, equities analysts anticipate that Granite Construction Incorporated will post 5.13 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction's dividend payout ratio (DPR) is currently 14.99%.

Wall Street Analyst Weigh In

Several analysts have issued reports on GVA shares. Weiss Ratings downgraded Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, May 30th. Zacks Research raised Granite Construction to a "hold" rating in a research note on Friday, May 29th. Finally, Oppenheimer started coverage on Granite Construction in a research note on Thursday, May 28th. They issued an "outperform" rating and a $170.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Granite Construction presently has an average rating of "Hold" and a consensus price target of $149.67.

Hedge Funds Weigh In On Granite Construction

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC grew its holdings in shares of Granite Construction by 8.9% in the 3rd quarter. Millennium Management LLC now owns 1,602,382 shares of the construction company's stock valued at $175,701,000 after acquiring an additional 131,360 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Granite Construction by 52.8% in the 1st quarter. First Trust Advisors LP now owns 1,397,573 shares of the construction company's stock valued at $167,541,000 after acquiring an additional 483,080 shares in the last quarter. Mizuho Markets Cayman LP grew its holdings in shares of Granite Construction by 569.9% in the 3rd quarter. Mizuho Markets Cayman LP now owns 1,339,818 shares of the construction company's stock valued at $151,064,000 after acquiring an additional 1,139,818 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Granite Construction by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,067,545 shares of the construction company's stock valued at $127,969,000 after acquiring an additional 4,327 shares in the last quarter. Finally, Wasatch Advisors LP grew its holdings in shares of Granite Construction by 12.4% in the 3rd quarter. Wasatch Advisors LP now owns 861,770 shares of the construction company's stock valued at $94,493,000 after acquiring an additional 94,902 shares in the last quarter.

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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