Granite Construction’s (GVA) “Buy” Rating Reiterated at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Granite Construction Incorporated (NYSE:GVA) in a research report released on Tuesday. The firm currently has a $70.00 target price on the construction company’s stock.
Several other research analysts have also recently issued reports on GVA. Canaccord Genuity reaffirmed a buy rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. BidaskClub cut Granite Construction from a sell rating to a strong sell rating in a research report on Thursday, July 27th. FBR & Co upped their price objective on Granite Construction from $63.00 to $68.00 and gave the stock an outperform rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research raised Granite Construction from a sell rating to a hold rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $63.67.
Shares of Granite Construction (NYSE GVA) traded down 0.33% during midday trading on Tuesday, hitting $57.34. The company had a trading volume of 11,133 shares. Granite Construction has a 12 month low of $42.59 and a 12 month high of $62.18. The company has a 50-day moving average of $53.41 and a 200 day moving average of $50.59. The firm has a market capitalization of $2.28 billion, a PE ratio of 52.17 and a beta of 1.17.
Granite Construction (NYSE:GVA) last released its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.25). Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The company had revenue of $762.90 million for the quarter, compared to analyst estimates of $684.32 million. During the same period in the previous year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, analysts expect that Granite Construction will post $1.49 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.91%. The ex-dividend date is Thursday, September 28th. Granite Construction’s dividend payout ratio is presently 48.60%.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. QCI Asset Management Inc. NY raised its stake in Granite Construction by 7.6% during the 2nd quarter. QCI Asset Management Inc. NY now owns 287,409 shares of the construction company’s stock valued at $13,865,000 after acquiring an additional 20,237 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Granite Construction by 7.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 244,743 shares of the construction company’s stock worth $12,284,000 after buying an additional 17,803 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Granite Construction by 0.4% during the 1st quarter. American Century Companies Inc. now owns 160,944 shares of the construction company’s stock worth $8,078,000 after buying an additional 600 shares in the last quarter. BlackRock Inc. raised its stake in shares of Granite Construction by 19,890.7% during the 1st quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after buying an additional 3,969,000 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Granite Construction by 676.4% during the 1st quarter. Wellington Management Group LLP now owns 194,498 shares of the construction company’s stock worth $9,761,000 after buying an additional 169,448 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.
About Granite Construction
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. The Company operates across the nation, serving both public and private sector clients.
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