Granite Construction (NYSE:GVA) Director Carlos Hernandez Acquires 400 Shares

Granite Construction Incorporated (NYSE:GVA) Director Carlos Hernandez acquired 400 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $123.99 per share, for a total transaction of $49,596.00. Following the acquisition, the director directly owned 5,033 shares of the company’s stock, valued at $624,041.67. This trade represents a 8.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Granite Construction Stock Performance

NYSE:GVA opened at $121.31 on Friday. The firm’s fifty day simple moving average is $135.88 and its 200-day simple moving average is $130.57. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The stock has a market cap of $5.31 billion, a PE ratio of -28.15 and a beta of 1.33. Granite Construction Incorporated has a fifty-two week low of $94.18 and a fifty-two week high of $162.08.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 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 company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 28.8% on a year-over-year basis. Analysts expect that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.13 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio is currently -12.06%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GVA. Weiss Ratings cut Granite Construction from a “hold (c)” rating to a “sell (d+)” rating in a report on Tuesday. Oppenheimer raised their price target on Granite Construction from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Stephens assumed coverage on shares of Granite Construction in a report on Friday, June 26th. They set an “overweight” rating and a $180.00 target price for the company. Finally, Zacks Research upgraded shares of Granite Construction to a “hold” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Granite Construction currently has an average rating of “Hold” and an average target price of $158.50.

Hedge Funds Weigh In On Granite Construction

Several large investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd increased its stake 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. acquired a new stake in shares of Granite Construction in the fourth quarter worth approximately $29,000. Root Financial Partners LLC grew its holdings in Granite Construction by 30.9% in the first 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 period. Torren Management LLC acquired a new position in Granite Construction during the fourth quarter worth approximately $56,000. Finally, Quarry LP increased its position in Granite Construction by 1,417.6% during the third quarter. Quarry LP now owns 516 shares of the construction company’s stock worth $57,000 after purchasing an additional 482 shares during the last quarter.

Granite Construction Company Profile

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.