The Goldman Sachs Group Forecasts Strong Price Appreciation for Granite Construction (NYSE:GVA) Stock

Granite Construction (NYSE:GVA) had its price objective upped by investment analysts at The Goldman Sachs Group from $109.00 to $124.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 3.89% from the stock’s current price.

GVA has been the topic of a number of other reports. DA Davidson upped their price target on Granite Construction from $125.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Wall Street Zen upgraded shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. Zacks Research raised shares of Granite Construction from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Granite Construction currently has an average rating of “Moderate Buy” and an average price target of $127.00.

Granite Construction Stock Down 0.0%

Shares of NYSE GVA traded down $0.03 during midday trading on Wednesday, hitting $119.36. The stock had a trading volume of 77,552 shares, compared to its average volume of 651,563. The business’s 50 day moving average is $114.86 and its 200-day moving average is $107.93. Granite Construction has a 52 week low of $69.08 and a 52 week high of $124.99. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 0.80. The company has a market cap of $5.21 billion, a P/E ratio of 34.40 and a beta of 1.32.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, November 6th. The construction company reported $2.70 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.14. Granite Construction had a net margin of 4.31% and a return on equity of 24.04%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business earned $2.05 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts predict that Granite Construction will post 5.49 EPS for the current year.

Insider Transactions at Granite Construction

In other Granite Construction news, Director Celeste Beeks Mastin sold 7,614 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $105.23, for a total value of $801,221.22. Following the transaction, the director directly owned 10,206 shares in the company, valued at approximately $1,073,977.38. This trade represents a 42.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Granite Construction

Hedge funds and other institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC purchased a new position in Granite Construction during the third quarter valued at $26,000. Newbridge Financial Services Group Inc. bought a new position in shares of Granite Construction in the fourth quarter worth about $29,000. Salomon & Ludwin LLC purchased a new position in shares of Granite Construction during the 3rd quarter valued at about $42,000. Spire Wealth Management bought a new position in shares of Granite Construction during the 4th quarter valued at approximately $46,000. Finally, Federated Hermes Inc. increased its holdings in Granite Construction by 94.6% in the 3rd quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after acquiring an additional 212 shares in 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.