Granite Construction Inc. (GVA) Shares Down 2.5%
Granite Construction Inc. (NYSE:GVA)’s share price was down 2.5% 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 analysts have weighed in on GVA shares. MKM Partners started coverage on shares of Granite Construction in a research note on Wednesday, June 29th. They set a “buy” rating and a $51.00 target price for the company. Seaport Global Securities raised shares of 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 research report on Monday, August 1st. Janney Montgomery Scott reissued a “hold” rating and set a $53.00 price target on shares of Granite Construction in a research report on Tuesday, August 16th. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, April 27th. Finally, FBR & Co raised their price target on shares of Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, August 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.70.
The company has a 50 day moving average price of $49.10 and a 200-day moving average price of $44.67. The company has a market capitalization of $1.91 billion and a price-to-earnings ratio of 31.08.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by $0.12. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. Granite Construction’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. On average, analysts expect that Granite Construction Inc. will post $1.58 earnings per share for the current year.
In other news, Director David H. Kelsey sold 1,113 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total value of $56,863.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Hildebrand Roberts sold 2,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $43.12, for a total transaction of $122,029.60. Following the completion of the sale, the chief executive officer now directly owns 60,053 shares of the company’s stock, valued at approximately $2,589,485.36. 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 Granite Construction Inc. (NYSE:GVA) by 854.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund 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 quarter.
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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