Granite Construction Inc. (GVA) Shares Down 2.2%
Granite Construction Inc. (NYSE:GVA) traded down 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 equities research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. FBR & Co restated a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Seaport Global Securities upgraded shares of Granite Construction from a “neutral” rating to a “buy” rating and boosted their price target for the company from $49.00 to $60.00 in a report on Monday, August 1st. Finally, MKM Partners lifted their price objective on shares of Granite Construction from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, August 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $53.88.
The company has a market cap of $1.95 billion and a P/E ratio of 31.72. The firm has a 50 day moving average of $48.27 and a 200-day moving average of $44.28.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, July 29th. The company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. During the same period in the previous year, the business posted $0.24 earnings per share. The business had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. Granite Construction’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, analysts expect that Granite Construction Inc. will post $1.58 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.05%. The ex-dividend date was Tuesday, June 28th.
In other news, Director David H. Kelsey sold 1,113 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total transaction of $56,863.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Hildebrand Roberts sold 10,000 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $42.33, for a total transaction of $423,300.00. Following the sale, the chief executive officer now directly owns 61,147 shares in the company, valued at approximately $2,588,352.51. The disclosure for this sale can be found here.
Several hedge funds have modified their holdings of GVA. Dimensional Fund Advisors LP boosted its stake in shares of Granite Construction by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,469,935 shares of the company’s stock valued at $105,987,000 after buying an additional 151,330 shares in the last quarter. US Bancorp DE boosted its stake in shares of Granite Construction by 0.3% in the fourth quarter. US Bancorp DE now owns 87,598 shares of the company’s stock valued at $3,759,000 after buying an additional 302 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of Granite Construction during the fourth quarter valued at about $10,728,000. Wells Fargo & Company MN boosted its stake in shares of 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. Finally, Liberty Mutual Group Asset Management Inc. boosted its stake in shares of 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.
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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