Granite Construction (NYSE:GVA - Get Free Report) had its price target raised by investment analysts at The Goldman Sachs Group from $69.00 to $76.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "sell" rating on the construction company's stock. The Goldman Sachs Group's price objective suggests a potential downside of 7.64% from the company's current price.
Granite Construction Price Performance
Shares of Granite Construction stock traded up $1.14 during trading hours on Monday, reaching $82.29. The company's stock had a trading volume of 61,942 shares, compared to its average volume of 646,345. The stock has a market cap of $3.60 billion, a P/E ratio of 33.32 and a beta of 1.26. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.66 and a quick ratio of 1.56. The firm has a 50 day moving average price of $76.85 and a 200-day moving average price of $85.86. Granite Construction has a one year low of $58.23 and a one year high of $105.20.
Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly 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 net margin of 3.15% and a return on equity of 20.67%. The company had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. The firm's revenue was up 4.0% compared to the same quarter last year. On average, analysts predict that Granite Construction will post 5.49 EPS for the current year.
Insiders Place Their Bets
In related news, 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 transaction, the chief executive officer now directly owns 132,366 shares of the company's stock, valued at $10,639,579.08. This represents a 2.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $81.55, for a total transaction of $165,138.75. Following the completion of the transaction, the senior vice president now directly owns 13,880 shares of the company's stock, valued at $1,131,914. The trade was a 12.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,932 shares of company stock worth $896,979 over the last 90 days. Company insiders own 0.81% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in GVA. Federated Hermes Inc. purchased a new position in Granite Construction in the fourth quarter valued at $26,000. Larson Financial Group LLC lifted its stake in shares of Granite Construction by 214.2% in the first quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock worth $28,000 after buying an additional 257 shares in the last quarter. Quarry LP boosted its holdings in shares of Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after purchasing an additional 132 shares during the last quarter. Rothschild Investment LLC raised its holdings in shares of Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after acquiring an additional 285 shares during the period. Finally, CWM LLC boosted 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 purchasing 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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