Granite Construction Incorporated (NYSE:GVA) – Stock analysts at FBR & Co dropped their Q4 2017 earnings per share (EPS) estimates for shares of Granite Construction in a research note issued on Monday. FBR & Co analyst A. Rygiel now expects that the construction company will post earnings per share of $0.60 for the quarter, down from their previous forecast of $0.67. FBR & Co currently has a “Buy” rating and a $68.00 price objective on the stock.
A number of other analysts also recently issued reports on GVA. DA Davidson reaffirmed a “hold” rating and set a $65.00 price objective on shares of Granite Construction in a report on Monday. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Tuesday. Canaccord Genuity lifted their price objective on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Monday. Seaport Global Securities downgraded shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Wednesday, October 11th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $67.00.
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Shares of Granite Construction (NYSE GVA) traded down 1.90% on Tuesday, hitting $62.48. 85,387 shares of the stock traded hands. The stock has a 50-day moving average price of $58.48 and a 200 day moving average price of $52.44. The firm has a market cap of $2.49 billion, a P/E ratio of 56.85 and a beta of 1.17. Granite Construction has a 52 week low of $43.00 and a 52 week high of $64.92.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. The company had revenue of $957.10 million during the quarter, compared to the consensus estimate of $905.14 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 earnings per share.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after purchasing an additional 3,969,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Granite Construction by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock worth $161,802,000 after purchasing an additional 62,760 shares during the last quarter. Franklin Resources Inc. lifted its stake in Granite Construction by 80.4% in the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock worth $70,350,000 after purchasing an additional 649,831 shares during the last quarter. State Street Corp lifted its stake in Granite Construction by 4.5% in the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock worth $61,697,000 after purchasing an additional 55,202 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Granite Construction by 6.5% in the second quarter. Northern Trust Corp now owns 1,237,204 shares of the construction company’s stock worth $59,682,000 after purchasing an additional 75,265 shares during the last quarter. 98.85% of the stock is owned by institutional investors and hedge funds.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend was Thursday, September 28th. Granite Construction’s dividend payout ratio is presently 40.31%.
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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