Insider Buying: Granite Construction Inc. (NYSE:GVA) SVP Purchases 3,500 Shares of Stock

Granite Construction Inc. (NYSE:GVA) SVP Kyle T. Larkin bought 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $28.54 per share, with a total value of $99,890.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

NYSE:GVA traded up $0.13 during trading hours on Friday, reaching $29.03. 32,694 shares of the company were exchanged, compared to its average volume of 579,741. The company has a current ratio of 1.73, a quick ratio of 1.61 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average is $32.45 and its 200-day moving average is $41.53. The firm has a market cap of $1.35 billion, a PE ratio of 12.21 and a beta of 1.34. Granite Construction Inc. has a twelve month low of $26.57 and a twelve month high of $58.93.

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

Several institutional investors have recently added to or reduced their stakes in GVA. Strs Ohio purchased a new stake in shares of Granite Construction during the second quarter worth $52,000. NumerixS Investment Technologies Inc grew its holdings in shares of Granite Construction by 166.0% during the first quarter. NumerixS Investment Technologies Inc now owns 3,200 shares of the construction company’s stock worth $138,000 after buying an additional 1,997 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Granite Construction by 161.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 3,824 shares of the construction company’s stock worth $180,000 after buying an additional 2,360 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Granite Construction during the first quarter worth $206,000. Finally, River & Mercantile Asset Management LLP purchased a new stake in shares of Granite Construction during the second quarter worth $215,000. 99.35% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have weighed in on the stock. B. Riley cut shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $53.00 to $41.00 in a research report on Tuesday, July 30th. TheStreet cut shares of Granite Construction from a “c-” rating to a “d+” rating in a research report on Monday, August 26th. ValuEngine cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Zacks Investment Research cut shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, August 2nd. Finally, Goldman Sachs Group cut shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $50.00 to $31.00 in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.25.

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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Insider Buying and Selling by Quarter for Granite Construction (NYSE:GVA)

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