Granite Construction Inc. (GVA) Shares Up 1.9%
Granite Construction Inc. (NYSE:GVA) shares shot up 1.9% on Monday . The company traded as high as $49.04 and last traded at $49.03, with a volume of 88,489 shares. The stock had previously closed at $48.12.
A number of research firms recently weighed in on GVA. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. FBR & Co reissued a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Seaport Global Securities reissued a “neutral” rating on shares of Granite Construction in a report on Monday, April 11th. Cowen and Company began coverage on Granite Construction in a report on Thursday, April 14th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, MKM Partners boosted their target price on Granite Construction from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $51.14.
The stock has a market cap of $2.03 billion and a PE ratio of 35.18. The company’s 50-day moving average price is $45.97 and its 200 day moving average price is $43.28.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, April 29th. The company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by $0.16. The business earned $439.50 million during the quarter, compared to analysts’ expectations of $432.50 million. During the same period in the previous year, the business earned ($0.22) earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities research analysts predict that Granite Construction Inc. will post $1.82 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.04%.
In other news, Director William Glenwood Dorey sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $43.18, for a total value of $647,700.00. Following the transaction, the director now owns 21,465 shares in the company, valued at $926,858.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Francis Donnino sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 5th. The shares were 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 in the company, valued at approximately $3,376,183.44. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently bought and sold shares of the company. 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 worth $1,089,000 after buying an additional 8,620 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in Granite Construction by 15.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 32,875 shares of the company’s stock worth $1,411,000 after buying an additional 4,307 shares in the last quarter. New York State Common Retirement Fund raised its position in Granite Construction by 3.3% in the fourth quarter. New York State Common Retirement Fund now owns 37,900 shares of the company’s stock worth $1,626,000 after buying an additional 1,200 shares in the last quarter. Whitebox Advisors LLC bought a new position in Granite Construction during the fourth quarter worth $2,130,000. Finally, California State Teachers Retirement System raised its position in Granite Construction by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 72,919 shares of the company’s stock worth $3,129,000 after buying an additional 1,159 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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