Granite Construction Inc. (GVA) Shares Gap Up to $47.51
Granite Construction Inc. (NYSE:GVA) shares gapped up before the market opened on Monday . The stock had previously closed at $47.23, but opened at $47.51. Granite Construction shares last traded at $48.25, with a volume of 85,221 shares changing hands.
Several research analysts have weighed in on the company. MKM Partners assumed coverage on Granite Construction in a research report on Wednesday, June 29th. They issued a “buy” rating and a $51.00 price objective on the stock. Cowen and Company assumed coverage on Granite Construction in a research report on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective on the stock. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, March 15th. Seaport Global Securities reissued a “neutral” rating on shares of Granite Construction in a research report on Monday, April 11th. Finally, Goldman Sachs Group Inc. boosted their price objective on Granite Construction from $43.00 to $48.00 in a research report on Monday, March 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $50.57.
The stock has a market cap of $1.93 billion and a PE ratio of 33.45. The stock’s 50 day moving average is $43.90 and its 200 day moving average is $42.69.
Granite Construction (NYSE:GVA) last issued its earnings results on Friday, April 29th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.16. During the same quarter last year, the business earned ($0.22) earnings per share. The firm earned $439.50 million during the quarter, compared to analysts’ expectations of $432.50 million. The company’s revenue was up 4.6% on a year-over-year basis. Equities research analysts predict that Granite Construction Inc. will post $1.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.07%.
In related news, CEO James Hildebrand Roberts sold 2,830 shares of Granite Construction stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $43.12, for a total value of $122,029.60. Following the completion of the transaction, the chief executive officer now owns 60,053 shares in the company, valued at $2,589,485.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Francis Donnino sold 10,000 shares of Granite Construction stock in a transaction dated Thursday, May 5th. The stock was sold at an average price of $43.26, for a total value of $432,600.00. Following the completion of the transaction, the senior vice president now owns 78,044 shares of the company’s stock, valued at approximately $3,376,183.44. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in GVA. Wells Fargo & Company MN raised its position in Granite Construction by 854.5% in the fourth quarter. Wells Fargo & Company MN now owns 288,874 shares of the company’s stock valued at $12,396,000 after buying an additional 258,611 shares in the last quarter. Morgan Stanley raised its position in Granite Construction by 69.5% in the fourth quarter. Morgan Stanley now owns 49,401 shares of the company’s stock valued at $2,120,000 after buying an additional 20,263 shares in the last quarter. Tributary Capital Management LLC raised its position in Granite Construction by 2.6% in the fourth quarter. Tributary Capital Management LLC now owns 191,324 shares of the company’s stock valued at $8,210,000 after buying an additional 4,812 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its position in Granite Construction by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 25,392 shares of the company’s stock valued at $1,089,000 after buying an additional 8,620 shares in the last quarter. Finally, Boston Partners raised its position in Granite Construction by 5.5% in the fourth quarter. Boston Partners now owns 622,270 shares of the company’s stock valued at $26,702,000 after buying an additional 32,180 shares in the last quarter.
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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