Granite Construction Incorporated (NYSE:GVA) Stock Has Consensus Price Target of $158.50 According to Analysts

Granite Construction Incorporated (NYSE:GVA) has been given a consensus recommendation of “Hold” by the six analysts that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $158.50.

A number of research analysts have recently commented on the stock. Stephens assumed coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 target price on the stock. Weiss Ratings cut Granite Construction from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, September 2nd. Oppenheimer increased their price target on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Wall Street Zen lowered Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, The Goldman Sachs Group cut their target price on shares of Granite Construction from $139.00 to $119.00 and set a “sell” rating on the stock in a research note on Friday, July 31st.

Insider Buying and Selling

In other Granite Construction news, Director Carlos M. Hernandez purchased 400 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $123.99 per share, with a total value of $49,596.00. Following the acquisition, the director owned 5,033 shares of the company’s stock, valued at approximately $624,041.67. This represents a 8.63% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Granite Construction

Several large investors have recently added to or reduced their stakes in GVA. Root Financial Partners LLC lifted its position in Granite Construction by 30.9% in the 1st quarter. Root Financial Partners LLC now owns 381 shares of the construction company’s stock valued at $46,000 after purchasing an additional 90 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Granite Construction during the second quarter valued at approximately $86,000. Clearstead Advisors LLC boosted its position in shares of Granite Construction by 168.2% during the fourth quarter. Clearstead Advisors LLC now owns 869 shares of the construction company’s stock worth $100,000 after buying an additional 545 shares during the period. Parallel Advisors LLC raised its stake in Granite Construction by 133.4% during the 1st quarter. Parallel Advisors LLC now owns 873 shares of the construction company’s stock valued at $105,000 after acquiring an additional 499 shares in the last quarter. Finally, Global Retirement Partners LLC raised its stake in Granite Construction by 303.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,137 shares of the construction company’s stock valued at $131,000 after acquiring an additional 855 shares in the last quarter.

Granite Construction Stock Performance

Granite Construction stock opened at $119.84 on Wednesday. The company has a market cap of $5.24 billion, a price-to-earnings ratio of -27.80 and a beta of 1.34. Granite Construction has a 12 month low of $97.26 and a 12 month high of $162.08. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.01 and a quick ratio of 0.94. The stock’s 50-day moving average is $120.07 and its 200-day moving average is $128.38.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, July 30th. The construction company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.09). Granite Construction had a positive return on equity of 27.83% and a negative net margin of 3.32%.The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The firm’s revenue for the quarter was up 28.8% compared to the same quarter last year. Equities analysts anticipate that Granite Construction will post 6.36 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction’s dividend payout ratio (DPR) is -12.06%.

About Granite Construction

Granite Construction Incorporated is a civil infrastructure contractor headquartered in Watsonville, California. Founded in 1922, the company provides construction and infrastructure services to public agencies and private-sector customers across the United States.

Granite’s primary activities include the construction and rehabilitation of highways, roads, bridges, airports, rail systems, and other transportation infrastructure. The company also works on water and wastewater facilities, dams, utility systems, and related heavy-civil projects.