Granite Construction Inc. (GVA) Insider Sells $290,300.00 in Stock
Granite Construction Inc. (NYSE:GVA) insider Michael Francis Donnino sold 5,000 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $58.06, for a total value of $290,300.00. Following the completion of the sale, the insider now owns 57,280 shares of the company’s stock, valued at approximately $3,325,676.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Michael Francis Donnino also recently made the following trade(s):
- On Friday, November 4th, Michael Francis Donnino sold 3,241 shares of Granite Construction stock. The shares were sold at an average price of $46.73, for a total value of $151,451.93.
Granite Construction Inc. (NYSE:GVA) traded up 0.62% on Wednesday, hitting $58.24. The stock had a trading volume of 590,659 shares. Granite Construction Inc. has a 52 week low of $35.69 and a 52 week high of $58.28. The company has a 50-day moving average price of $47.42 and a 200-day moving average price of $46.54. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 33.90 and a beta of 1.42.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, October 28th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.06. The company had revenue of $803.90 million for the quarter, compared to the consensus estimate of $826.52 million. Granite Construction had a return on equity of 7.85% and a net margin of 2.77%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 earnings per share. Equities research analysts anticipate that Granite Construction Inc. will post $1.53 earnings per share for the current fiscal year.
A number of research firms recently commented on GVA. DA Davidson set a $51.00 price objective on Granite Construction and gave the company a “hold” rating in a report on Tuesday, November 8th. Zacks Investment Research upgraded Granite Construction from a “sell” rating to a “hold” rating in a report on Wednesday, October 19th. Janney Montgomery Scott reissued a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a research note on Tuesday, August 16th. FBR & Co boosted their target price on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Finally, MKM Partners boosted their target price on Granite Construction from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Granite Construction has an average rating of “Buy” and a consensus target price of $53.50.
A number of hedge funds and other institutional investors have recently made changes to their positions in GVA. Vanguard Group Inc. raised its position in shares of Granite Construction by 14.2% in the second quarter. Vanguard Group Inc. now owns 2,881,419 shares of the company’s stock valued at $131,248,000 after buying an additional 357,222 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Granite Construction by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,672,440 shares of the company’s stock valued at $121,727,000 after buying an additional 59,872 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Granite Construction by 5.7% in the third quarter. BlackRock Fund Advisors now owns 2,046,150 shares of the company’s stock valued at $101,776,000 after buying an additional 111,072 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Granite Construction by 108.8% in the third quarter. Ameriprise Financial Inc. now owns 1,493,783 shares of the company’s stock valued at $74,296,000 after buying an additional 778,228 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Granite Construction by 3.6% in the third quarter. Bank of New York Mellon Corp now owns 1,223,069 shares of the company’s stock valued at $60,835,000 after buying an additional 42,490 shares in the last quarter. 94.47% of the stock is owned by institutional investors and hedge funds.
About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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