Granite Construction Inc. (GVA) Shares Down 2.5%
Granite Construction Inc. (NYSE:GVA) traded down 2.5% during trading on Friday . The company traded as low as $47.76 and last traded at $47.83, with a volume of 121,077 shares changing hands. The stock had previously closed at $49.08.
A number of equities research analysts have commented on the company. Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and raised their price target for the company from $49.00 to $60.00 in a report on Monday, August 1st. FBR & Co raised their price objective on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, August 2nd. MKM Partners raised their price objective on Granite Construction from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, August 1st. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Finally, Janney Montgomery Scott restated a “hold” rating and set a $53.00 price objective on shares of Granite Construction in a research report on Tuesday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Granite Construction presently has a consensus rating of “Buy” and an average target price of $53.70.
The company has a market capitalization of $1.91 billion and a P/E ratio of 31.08. The company has a 50-day moving average of $49.10 and a 200-day moving average of $44.67.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.47 by $0.12. During the same quarter last year, the firm posted $0.24 earnings per share. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. The business’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Granite Construction Inc. will post $1.58 EPS for the current year.
In other Granite Construction news, Director William Glenwood Dorey sold 15,000 shares of the company’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $43.18, for a total value of $647,700.00. Following the sale, the director now directly owns 21,465 shares of the company’s stock, valued at $926,858.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James Hildebrand Roberts sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $42.33, for a total transaction of $423,300.00. Following the completion of the sale, the chief executive officer now directly owns 61,147 shares in the company, valued at $2,588,352.51. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Granite Construction stock. Wells Fargo & Company MN raised its stake in shares of Granite Construction Inc. (NYSE:GVA) by 854.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 288,874 shares of the company’s stock after buying an additional 258,611 shares during the period. Wells Fargo & Company MN owned approximately 0.73% of Granite Construction worth $12,396,000 at the end of the most recent reporting period.
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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