Insider Buying: Granite Construction Inc. (NYSE:GVA) Director Buys $55,800.00 in Stock

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Granite Construction Inc. (NYSE:GVA) Director James Hildebrand Roberts purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were bought at an average price of $27.90 per share, for a total transaction of $55,800.00. Following the completion of the transaction, the director now owns 80,184 shares of the company’s stock, valued at $2,237,133.60. The acquisition was disclosed in a filing with the SEC, which is available at this link.

James Hildebrand Roberts also recently made the following trade(s):

  • On Thursday, August 15th, James Hildebrand Roberts acquired 3,000 shares of Granite Construction stock. The shares were acquired at an average cost of $26.85 per share, with a total value of $80,550.00.

Shares of Granite Construction stock opened at $28.10 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.31 billion, a PE ratio of 12.01 and a beta of 1.30. The business has a 50 day moving average of $37.19 and a 200 day moving average of $42.62. Granite Construction Inc. has a 52 week low of $26.74 and a 52 week high of $58.93.

Granite Construction (NYSE:GVA) last announced its earnings results on Friday, August 2nd. The construction company reported ($1.83) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $0.21. The company had revenue of $789.54 million during the quarter, compared to the consensus estimate of $789.73 million. Granite Construction had a negative return on equity of 1.57% and a negative net margin of 2.09%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share. On average, research analysts anticipate that Granite Construction Inc. will post -0.08 earnings per share for the current year.

GVA has been the subject of several research reports. Goldman Sachs Group lowered Granite Construction from a “buy” rating to a “neutral” rating and cut their target price for the stock from $50.00 to $31.00 in a research note on Wednesday, August 7th. B. Riley downgraded Granite Construction from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $53.00 to $41.00 in a research report on Tuesday, July 30th. ValuEngine downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.25.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GVA. Mason Street Advisors LLC boosted its position in Granite Construction by 1.1% in the first quarter. Mason Street Advisors LLC now owns 24,826 shares of the construction company’s stock worth $1,071,000 after purchasing an additional 261 shares during the last quarter. B. Riley Financial Inc. raised its stake in shares of Granite Construction by 4.6% in the first quarter. B. Riley Financial Inc. now owns 7,367 shares of the construction company’s stock worth $318,000 after buying an additional 323 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Granite Construction by 2.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,805 shares of the construction company’s stock worth $906,000 after buying an additional 360 shares during the period. Investors Research Corp raised its stake in shares of Granite Construction by 4.5% in the second quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock worth $487,000 after buying an additional 432 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of Granite Construction by 1.4% in the second quarter. Arizona State Retirement System now owns 33,978 shares of the construction company’s stock worth $1,637,000 after buying an additional 455 shares during the period. 99.35% of the stock is currently owned by hedge funds and other institutional investors.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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