Weiss Ratings Reaffirms "Buy (B-)" Rating for Granite Construction (NYSE:GVA)

Key Points

• Weiss Ratings has reaffirmed a "Buy (B-)" rating for Granite Construction (NYSE:GVA), indicating confidence in the company's performance.
• Granite Construction's stock increased by 0.7% to $107.36, with an average target price set at $76.00 according to MarketBeat.
• The company reported quarterly earnings of $1.93 per share, exceeding expectations and reflecting a 4.4% revenue increase compared to the same quarter last year.

Granite Construction (NYSE:GVA - Get Free Report)'s stock had its "buy (b-)" rating reiterated by equities researchers at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

Separately, Wall Street Zen upgraded Granite Construction from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Granite Construction presently has a consensus rating of "Hold" and an average target price of $76.00.

Granite Construction Stock Up 0.7%

Shares of GVA traded up $0.79 during midday trading on Tuesday, hitting $107.36. The company had a trading volume of 112,070 shares, compared to its average volume of 633,368. The company's 50-day simple moving average is $107.86 and its 200-day simple moving average is $94.01. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The firm has a market capitalization of $4.70 billion, a P/E ratio of 35.12 and a beta of 1.39. Granite Construction has a 1 year low of $69.08 and a 1 year high of $112.16.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.16. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The business's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Granite Construction will post 5.49 EPS for the current year.

Insider Buying and Selling

In related news, Director Louis E. Caldera sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $165,240.00. Following the completion of the sale, the director owned 10,601 shares in the company, valued at $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael G. Tatusko sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $110.00, for a total value of $220,000.00. Following the sale, the senior vice president owned 29,241 shares of the company's stock, valued at approximately $3,216,510. The trade was a 6.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,525 shares of company stock worth $608,314 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Construction

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GVA. Nuveen LLC purchased a new stake in Granite Construction in the first quarter valued at approximately $21,966,000. Conversant Capital LLC purchased a new stake in Granite Construction in the first quarter valued at approximately $21,490,000. Norges Bank purchased a new stake in Granite Construction in the second quarter valued at approximately $24,812,000. RPG Investment Advisory LLC lifted its stake in Granite Construction by 106.6% in the first quarter. RPG Investment Advisory LLC now owns 472,566 shares of the construction company's stock valued at $35,632,000 after buying an additional 243,875 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Granite Construction by 95.2% in the first quarter. Cubist Systematic Strategies LLC now owns 454,501 shares of the construction company's stock valued at $34,269,000 after purchasing an additional 221,709 shares during the period.

Granite Construction Company Profile

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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