Granite Construction (NYSE:GVA) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Construction (NYSE:GVA) from a hold rating to a buy rating in a report released on Tuesday, January 9th. The brokerage currently has $72.00 price target on the construction company’s stock.

According to Zacks, “Granite Construction Inc. is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honoured as one of the World’s Most Ethical Companies by Ethisphere Institute for eight consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. “

A number of other equities analysts also recently commented on the company. Canaccord Genuity increased their price objective on Granite Construction from $70.00 to $75.00 and gave the stock a buy rating in a report on Monday, October 30th. DA Davidson restated a hold rating and issued a $65.00 price objective on shares of Granite Construction in a report on Monday, October 30th. Cowen restated a buy rating and issued a $70.00 price objective on shares of Granite Construction in a report on Tuesday, September 19th. Seaport Global Securities downgraded Granite Construction from a buy rating to a neutral rating and set a $64.00 price target on the stock. in a report on Wednesday, October 11th. Finally, FBR & Co reiterated a buy rating and set a $68.00 price target on shares of Granite Construction in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $69.00.

Granite Construction (NYSE GVA) traded up $0.47 during mid-day trading on Tuesday, reaching $66.11. 286,857 shares of the company’s stock were exchanged, compared to its average volume of 187,250. The company has a quick ratio of 1.71, a current ratio of 1.79 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $2,630.00, a price-to-earnings ratio of 50.47, a PEG ratio of 2.92 and a beta of 1.25. Granite Construction has a 52 week low of $45.14 and a 52 week high of $68.00.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The business had revenue of $957.10 million during the quarter, compared to analyst estimates of $905.14 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The firm’s revenue was up 19.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. analysts forecast that Granite Construction will post 1.56 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Friday, December 29th were paid a $0.13 dividend. The ex-dividend date was Thursday, December 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.79%. Granite Construction’s payout ratio is 39.69%.

In related news, Director William Howard Powell sold 3,103 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $63.85, for a total value of $198,126.55. Following the completion of the transaction, the director now directly owns 46,771 shares of the company’s stock, valued at $2,986,328.35. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the completion of the transaction, the director now directly owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Fieldpoint Private Securities LLC bought a new position in Granite Construction in the third quarter worth $106,000. Advisor Group Inc. lifted its holdings in shares of Granite Construction by 169.1% during the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after acquiring an additional 1,170 shares during the period. Royal Bank of Canada lifted its holdings in shares of Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after acquiring an additional 879 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after acquiring an additional 218 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Granite Construction by 38.3% during the second quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock valued at $158,000 after acquiring an additional 909 shares during the period.

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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. The Company operates across the nation, serving both public and private sector clients.

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