Granite Construction Incorporated (GVA) Receives Average Rating of “Buy” from Analysts
Granite Construction Incorporated (NYSE:GVA) has been given an average recommendation of “Buy” by the ten ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $65.83.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. FBR & Co increased their price objective on shares of Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Cowen and Company reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, September 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Saturday, August 26th. Finally, Seaport Global Securities cut shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a research report on Wednesday, October 11th.
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Shares of Granite Construction (NYSE GVA) opened at 57.83 on Friday. The stock’s 50 day moving average is $57.64 and its 200 day moving average is $52.03. The company has a market cap of $2.30 billion, a P/E ratio of 52.62 and a beta of 1.17. Granite Construction has a 1-year low of $42.59 and a 1-year high of $62.18.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.25). The company had revenue of $762.90 million for the quarter, compared to analysts’ expectations of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 EPS. On average, analysts predict that Granite Construction will post $1.49 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.90%. Granite Construction’s dividend payout ratio (DPR) is presently 48.60%.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in GVA. UBS Asset Management Americas Inc. lifted its holdings in Granite Construction by 41.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 23,378 shares of the construction company’s stock worth $1,173,000 after buying an additional 6,802 shares in the last quarter. Karp Capital Management Corp acquired a new stake in Granite Construction during the 1st quarter worth approximately $523,000. Sei Investments Co. acquired a new stake in Granite Construction during the 1st quarter worth approximately $119,000. JPMorgan Chase & Co. lifted its holdings in Granite Construction by 672.8% during the 1st quarter. JPMorgan Chase & Co. now owns 6,182 shares of the construction company’s stock worth $310,000 after buying an additional 5,382 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Granite Construction by 118.5% during the 1st quarter. SG Americas Securities LLC now owns 5,963 shares of the construction company’s stock worth $299,000 after buying an additional 3,234 shares in the last quarter. Institutional investors own 97.93% of the company’s stock.
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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