Granite Construction (NYSE:GVA) Given New $50.00 Price Target at The Goldman Sachs Group

Granite Construction (NYSE:GVA) had its target price lifted by The Goldman Sachs Group from $44.00 to $50.00 in a research report sent to investors on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the construction company’s stock.

Separately, DA Davidson increased their price objective on shares of Granite Construction from $60.00 to $64.00 and gave the company a buy rating in a report on Tuesday, February 27th.

Granite Construction Trading Down 0.4 %

Shares of NYSE:GVA opened at $53.44 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 1.60 and a debt-to-equity ratio of 0.60. The company’s 50-day moving average price is $53.44 and its 200 day moving average price is $47.80. The company has a market cap of $2.35 billion, a PE ratio of 70.32 and a beta of 1.46. Granite Construction has a fifty-two week low of $33.74 and a fifty-two week high of $57.93.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, February 22nd. The construction company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.02). Granite Construction had a return on equity of 14.15% and a net margin of 1.24%. The business had revenue of $933.70 million for the quarter. During the same period in the previous year, the company posted $0.56 EPS. Sell-side analysts anticipate that Granite Construction will post 4.29 earnings per share for the current year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.13 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.97%. Granite Construction’s payout ratio is currently 68.42%.

Insider Activity at Granite Construction

In other Granite Construction news, Director Louis E. Caldera sold 1,263 shares of Granite Construction stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $50.00, for a total value of $63,150.00. Following the transaction, the director now owns 8,528 shares in the company, valued at $426,400. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Granite Construction

A number of hedge funds have recently modified their holdings of GVA. Exchange Traded Concepts LLC acquired a new position in shares of Granite Construction in the 3rd quarter valued at $27,000. Belpointe Asset Management LLC increased its position in shares of Granite Construction by 320.6% in the first quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock worth $28,000 after acquiring an additional 513 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Granite Construction during the first quarter valued at approximately $38,000. GAMMA Investing LLC purchased a new stake in shares of Granite Construction in the 4th quarter valued at approximately $43,000. Finally, Macquarie Group Ltd. acquired a new position in Granite Construction in the 1st quarter worth approximately $43,000.

About Granite Construction

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.