Granite Construction (NYSE:GVA) PT Raised to $50.00 at The Goldman Sachs Group

Granite Construction (NYSE:GVA) had its price objective boosted by equities research analysts at The Goldman Sachs Group from $44.00 to $50.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “sell” rating on the construction company’s stock. The Goldman Sachs Group’s target price would indicate a potential downside of 7.08% from the stock’s current price.

Separately, DA Davidson raised their price target on Granite Construction from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th.

Granite Construction Stock Down 0.9 %

GVA opened at $53.81 on Tuesday. Granite Construction has a fifty-two week low of $33.74 and a fifty-two week high of $57.93. The business has a 50-day moving average of $53.21 and a 200-day moving average of $47.65. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.60 and a quick ratio of 1.49. The company has a market capitalization of $2.37 billion, a PE ratio of 70.80 and a beta of 1.46.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, February 22nd. The construction company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a return on equity of 14.15% and a net margin of 1.24%. The firm had revenue of $933.70 million for the quarter. During the same period in the previous year, the business earned $0.56 earnings per share. Equities research analysts forecast that Granite Construction will post 4.29 EPS for the current fiscal year.

Insider Activity at Granite Construction

In related news, Director Louis E. Caldera sold 1,263 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total value of $63,150.00. Following the transaction, the director now directly owns 8,528 shares of the company’s stock, valued at approximately $426,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. bought a new position in Granite Construction in the 3rd quarter worth approximately $8,554,000. Empower Advisory Group LLC increased its position in Granite Construction by 2.0% in the 3rd quarter. Empower Advisory Group LLC now owns 378,995 shares of the construction company’s stock worth $14,409,000 after buying an additional 7,298 shares during the period. Illinois Municipal Retirement Fund bought a new position in Granite Construction in the 3rd quarter worth approximately $978,000. Occidental Asset Management LLC increased its position in Granite Construction by 84.0% in the 3rd quarter. Occidental Asset Management LLC now owns 29,548 shares of the construction company’s stock worth $1,123,000 after buying an additional 13,487 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Granite Construction by 8.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,957 shares of the construction company’s stock worth $14,902,000 after buying an additional 31,438 shares during the period.

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.