Granite Construction (NYSE:GVA) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Granite Construction Incorporated (NYSE:GVA) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $119.80 and traded as high as $143.75. Granite Construction shares last traded at $143.1580, with a volume of 750,529 shares trading hands.

Analyst Upgrades and Downgrades

GVA has been the subject of several research reports. Weiss Ratings lowered shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. DA Davidson boosted their price objective on Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, February 13th. The Goldman Sachs Group boosted their price objective on Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $139.50.

Granite Construction Trading Down 1.5%

The stock has a 50 day moving average of $126.44 and a 200-day moving average of $120.19. The company has a market capitalization of $6.07 billion, a P/E ratio of 39.99 and a beta of 1.35. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business had revenue of $912.47 million during the quarter, compared to the consensus estimate of $782.26 million. During the same period in the prior year, the company posted $0.01 EPS. The firm’s revenue for the quarter was up 30.4% compared to the same quarter last year.

Insider Activity at Granite Construction

In other Granite Construction news, CEO Kyle T. Larkin sold 26,651 shares of the company’s stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the transaction, the chief executive officer directly owned 114,881 shares in the company, valued at $13,569,743.72. This represents a 18.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Staci M. Woolsey sold 1,523 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the transaction, the chief financial officer owned 18,954 shares of the company’s stock, valued at $2,271,447.36. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,488 shares of company stock valued at $4,207,042 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GVA. Root Financial Partners LLC bought a new position in shares of Granite Construction during the 3rd quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd boosted its position in shares of Granite Construction by 512.8% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company’s stock valued at $28,000 after acquiring an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Granite Construction during the 4th quarter valued at approximately $29,000. Spire Wealth Management bought a new position in shares of Granite Construction during the 4th quarter valued at approximately $46,000. Finally, Federated Hermes Inc. boosted its position in shares of Granite Construction by 94.6% during the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock valued at $48,000 after acquiring an additional 212 shares during the last quarter.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.