Zacks Investment Research upgraded shares of Granite Construction (NYSE:GVA) from a sell rating to a hold rating in a research report released on Wednesday.
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 research analysts have also recently issued reports on the company. B. Riley restated a buy rating on shares of Granite Construction in a research note on Wednesday, November 1st. Canaccord Genuity boosted their price objective on Granite Construction from $70.00 to $75.00 and gave the company a buy rating in a research note on Monday, October 30th. DA Davidson reiterated a hold rating and set a $65.00 price target on shares of Granite Construction in a research report on Monday, October 30th. Seaport Global Securities cut Granite Construction from a buy rating to a neutral rating and set a $64.00 price target on the stock. in a research 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 research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $67.00.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The business had revenue of $957.10 million for the quarter, compared to analysts’ expectations of $905.14 million. During the same period in the previous year, the business posted $0.92 EPS. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. research analysts predict that Granite Construction will post 1.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Thursday, December 28th. Granite Construction’s dividend payout ratio is presently 40.31%.
In related news, Director Claes Bjork sold 1,264 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total value of $79,695.20. Following the transaction, the director now directly owns 50,972 shares in the company, valued at $3,213,784.60. 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 3,103 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $63.85, for a total transaction of $198,126.55. Following the completion of the transaction, the director now owns 46,771 shares in the company, valued at $2,986,328.35. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its position in shares of Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after purchasing an additional 218 shares during the last quarter. Amalgamated Bank increased its position in shares of Granite Construction by 4.2% in the second quarter. Amalgamated Bank now owns 5,695 shares of the construction company’s stock worth $275,000 after purchasing an additional 232 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Granite Construction by 4.6% in the second quarter. PNC Financial Services Group Inc. now owns 5,686 shares of the construction company’s stock worth $275,000 after purchasing an additional 251 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Granite Construction by 6.9% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,066 shares of the construction company’s stock worth $245,000 after purchasing an additional 329 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Granite Construction by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 87,919 shares of the construction company’s stock worth $4,241,000 after purchasing an additional 372 shares during the last quarter. Institutional investors own 99.49% of the company’s stock.
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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