Granite Construction (NYSE:GVA) Price Target Raised to $130.00

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

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

Granite Construction Trading Up 2.6%

NYSE GVA traded up $2.56 during trading hours on Tuesday, hitting $102.72. 231,955 shares of the company’s stock were exchanged, compared to its average volume of 624,683. Granite Construction has a 1-year low of $69.08 and a 1-year high of $112.16. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $106.33 and a 200 day simple moving average of $97.98. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 33.57 and a beta of 1.42.

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

Insider Buying and Selling

In other Granite Construction news, Director Louis E. Caldera sold 1,500 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the sale, the director directly owned 10,601 shares of the company’s stock, valued at $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the transaction, the senior vice president owned 14,685 shares in the company, valued at $1,617,699.60. This represents a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,525 shares of company stock worth $608,314 in the last 90 days. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Granite Construction

A number of hedge funds have recently bought and sold shares of GVA. Root Financial Partners LLC bought a new position in shares of Granite Construction during the 3rd quarter valued at $26,000. Larson Financial Group LLC boosted its position 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 worth $28,000 after purchasing an additional 257 shares during the period. Salomon & Ludwin LLC bought a new stake in shares of Granite Construction during the 3rd quarter valued at $42,000. Federated Hermes Inc. lifted its stake 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 buying an additional 212 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Granite Construction by 26.5% during the 1st quarter. CWM LLC now owns 674 shares of the construction company’s stock valued at $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.