Granite Construction’s (GVA) Neutral Rating Reaffirmed at DA Davidson
Several other analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Granite Construction from a sell rating to a hold rating in a research report on Tuesday. FBR & Co increased their price target on shares of Granite Construction from $60.00 to $70.00 and gave the stock an outperform rating in a research report on Thursday, January 26th. Finally, Canaccord Genuity began coverage on shares of Granite Construction in a research report on Tuesday, January 10th. They set a buy rating and a $70.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Granite Construction has a consensus rating of Buy and a consensus target price of $57.22.
Shares of Granite Construction (NYSE:GVA) opened at 54.97 on Monday. The stock has a market cap of $2.18 billion, a P/E ratio of 32.00 and a beta of 1.47. The firm’s 50-day moving average is $55.37 and its 200 day moving average is $52.19. Granite Construction has a 52-week low of $37.13 and a 52-week high of $62.18.
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The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 29th. This represents a $0.52 annualized dividend and a yield of 0.95%. Granite Construction’s dividend payout ratio (DPR) is 30.41%.
Hedge funds have recently modified their holdings of the stock. Tyers Asset Management LLC purchased a new stake in shares of Granite Construction during the fourth quarter valued at $108,000. Flinton Capital Management LLC purchased a new stake in shares of Granite Construction during the fourth quarter valued at $131,000. LS Investment Advisors LLC boosted its stake in shares of Granite Construction by 5.5% in the third quarter. LS Investment Advisors LLC now owns 2,589 shares of the company’s stock valued at $129,000 after buying an additional 136 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of Granite Construction during the fourth quarter valued at $154,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Granite Construction by 25.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,342 shares of the company’s stock valued at $181,000 after buying an additional 682 shares during the period. 90.76% of the stock is currently owned by hedge funds and other institutional investors.
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. 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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