DA Davidson Forecasts Strong Price Appreciation for Granite Construction (NYSE:GVA) Stock

Granite Construction (NYSE:GVA) had its price objective boosted by research analysts at DA Davidson from $125.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. DA Davidson’s price objective suggests a potential upside of 26.56% from the company’s previous close.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Granite Construction in a report on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Granite Construction presently has a consensus rating of “Hold” and an average price target of $103.00.

Granite Construction Trading Up 2.6%

NYSE:GVA traded up $2.56 during mid-day trading on Tuesday, hitting $102.72. 231,955 shares of the stock traded hands, compared to its average volume of 624,683. Granite Construction has a 52 week low of $69.08 and a 52 week high of $112.16. The firm’s 50 day moving average is $106.33 and its two-hundred day moving average is $97.98. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 33.57 and a beta of 1.42. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, November 6th. The construction company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.14. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.51 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. Granite Construction has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Granite Construction will post 5.49 earnings per share for the current year.

Insider Buying and Selling

In other Granite Construction news, SVP Michael G. Tatusko sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the sale, the senior vice president directly owned 29,241 shares in the company, valued at approximately $3,216,510. This trade represents a 6.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Louis E. Caldera sold 1,500 shares of Granite Construction stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $165,240.00. Following the completion of the transaction, the director directly owned 10,601 shares in the company, valued at approximately $1,167,806.16. The trade was a 12.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 5,525 shares of company stock valued at $608,314. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Construction

Several institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC acquired a new position in Granite Construction in the 3rd quarter worth $26,000. Larson Financial Group LLC lifted its holdings 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 valued at $28,000 after purchasing an additional 257 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Granite Construction in the third quarter valued at about $42,000. Federated Hermes Inc. boosted its position in shares of Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after buying an additional 212 shares during the period. Finally, CWM LLC grew its holdings in shares of Granite Construction by 26.5% during the first quarter. CWM LLC now owns 674 shares of the construction company’s stock worth $51,000 after buying an additional 141 shares in the last quarter.

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.