Granite Construction Inc. (GVA) Stock Price Down 2.2%
Shares of Granite Construction Inc. (NYSE:GVA) fell 2.2% during trading on Friday . The stock traded as low as $48.70 and last traded at $48.72, with a volume of 190,239 shares changing hands. The stock had previously closed at $49.82.
Several research firms recently commented on GVA. Zacks Investment Research downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. FBR & Co reissued a “buy” rating on shares of Granite Construction in a research note on Monday, May 2nd. MKM Partners boosted their price objective on shares of Granite Construction from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Seaport Global Securities raised shares of Granite Construction from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $49.00 to $60.00 in a research note on Monday, August 1st. Finally, Cowen and Company started coverage on shares of Granite Construction in a research note on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Granite Construction presently has an average rating of “Buy” and an average price target of $53.88.
The firm has a 50-day moving average price of $48.16 and a 200-day moving average price of $44.20. The company has a market cap of $1.95 billion and a price-to-earnings ratio of 31.72.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Friday, July 29th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by $0.12. The firm had revenue of $604.60 million for the quarter, compared to analyst estimates of $632.12 million. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities analysts predict that Granite Construction Inc. will post $1.58 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Tuesday, June 28th.
In related news, Director William Glenwood Dorey sold 15,000 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $43.18, for a total transaction of $647,700.00. Following the transaction, the director now directly owns 21,465 shares in the company, valued at $926,858.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Hildebrand Roberts sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $42.33, for a total value of $423,300.00. Following the transaction, the chief executive officer now owns 61,147 shares in the company, valued at $2,588,352.51. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. New York State Common Retirement Fund boosted its position in shares of 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 valued at $1,626,000 after buying an additional 1,200 shares during the period. Liberty Mutual Group Asset Management Inc. boosted its stake 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 during the last quarter. Wells Fargo & Company MN boosted its stake in Granite Construction by 854.5% in the fourth quarter. Wells Fargo & Company MN now owns 288,874 shares of the company’s stock worth $12,396,000 after buying an additional 258,611 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in Granite Construction during the fourth quarter worth about $10,728,000. Finally, US Bancorp DE boosted its stake in Granite Construction by 0.3% in the fourth quarter. US Bancorp DE now owns 87,598 shares of the company’s stock worth $3,759,000 after buying an additional 302 shares during 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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