BidaskClub cut shares of Granite Construction Incorporated (NYSE:GVA) from a sell rating to a strong sell rating in a research note issued to investors on Thursday, July 27th.
Other research analysts also recently issued reports about the company. Canaccord Genuity reiterated a buy rating and issued a $70.00 price target on shares of Granite Construction in a report on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) upgraded Granite Construction from a neutral rating to a buy rating and boosted their target price for the stock from $50.19 to $61.00 in a research note on Monday, April 3rd. Zacks Investment Research upgraded Granite Construction from a sell rating to a hold rating in a research note on Tuesday, July 4th. Cowen and Company restated an outperform rating and set a $70.00 target price on shares of Granite Construction in a research note on Thursday, March 30th. Finally, FBR & Co dropped their target price on Granite Construction from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $62.14.
Shares of Granite Construction (GVA) opened at 53.54 on Thursday. Granite Construction has a 1-year low of $42.59 and a 1-year high of $62.18. The stock has a 50 day moving average price of $49.49 and a 200-day moving average price of $51.01. The stock has a market capitalization of $2.13 billion, a PE ratio of 48.72 and a beta of 1.20.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company had revenue of $762.90 million during the quarter, compared to analysts’ expectations of $684.32 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. The company’s revenue was up 26.2% compared to the same quarter last year. On average, analysts forecast that Granite Construction will post $1.50 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.52 annualized dividend and a yield of 0.97%. Granite Construction’s dividend payout ratio (DPR) is 48.60%.
In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the sale, the director now owns 54,594 shares in the company, valued at approximately $2,748,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the sale, the director now owns 49,858 shares in the company, valued at approximately $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of GVA. Profund Advisors LLC increased its stake in Granite Construction by 3.5% in the first quarter. Profund Advisors LLC now owns 6,667 shares of the construction company’s stock valued at $335,000 after buying an additional 228 shares during the last quarter. Navellier & Associates Inc boosted its position in shares of Granite Construction by 9.4% in the first quarter. Navellier & Associates Inc now owns 7,008 shares of the construction company’s stock valued at $352,000 after buying an additional 604 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Granite Construction by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,000 shares of the construction company’s stock valued at $502,000 after buying an additional 200 shares during the period. Capstone Asset Management Co. boosted its position in shares of Granite Construction by 9.3% in the first quarter. Capstone Asset Management Co. now owns 5,732 shares of the construction company’s stock valued at $288,000 after buying an additional 490 shares during the period. Finally, First National Bank of Omaha boosted its position in shares of Granite Construction by 48.3% in the first quarter. First National Bank of Omaha now owns 29,948 shares of the construction company’s stock valued at $1,503,000 after buying an additional 9,760 shares during the period. Institutional investors and hedge funds own 93.96% of the company’s stock.
Granite Construction Company Profile
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. The Company operates across the nation, serving both public and private sector clients.
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