Granite Construction (GVA) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Granite Construction (NYSE:GVA) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $72.00 price target on the construction company’s stock.
According to Zacks, “Granite Construction Inc. is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honoured as one of the World’s Most Ethical Companies by Ethisphere Institute for eight consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. “
GVA has been the subject of several other research reports. DA Davidson reaffirmed a hold rating and set a $65.00 price objective on shares of Granite Construction in a report on Monday, October 30th. B. Riley reaffirmed a buy rating on shares of Granite Construction in a report on Wednesday, November 1st. Canaccord Genuity raised their price objective on shares of Granite Construction from $70.00 to $75.00 and gave the stock a buy rating in a report on Monday, October 30th. Cowen reaffirmed a buy rating and set a $70.00 price objective on shares of Granite Construction in a report on Tuesday, September 19th. Finally, Seaport Global Securities lowered shares of Granite Construction from a buy rating to a neutral rating and set a $64.00 price objective for the company. in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $67.13.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.04. The company had revenue of $957.10 million during the quarter, compared to analyst estimates of $905.14 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The company’s revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. equities research analysts forecast that Granite Construction will post 1.56 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Friday, December 29th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, December 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.77%. Granite Construction’s dividend payout ratio (DPR) is currently 40.31%.
In other news, Director William Howard Powell sold 3,103 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $63.85, for a total transaction of $198,126.55. Following the sale, the director now directly owns 46,771 shares of the company’s stock, valued at $2,986,328.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Claes Bjork sold 1,264 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the sale, the director now directly owns 50,972 shares in the company, valued at $3,213,784.60. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC bought a new position in Granite Construction in the third quarter valued at approximately $106,000. Advisor Group Inc. boosted its stake in Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after acquiring an additional 1,170 shares during the last quarter. Royal Bank of Canada boosted its stake in Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after acquiring an additional 879 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after acquiring an additional 218 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Granite Construction by 38.3% in the second quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock valued at $158,000 after acquiring an additional 909 shares during the last quarter. 99.49% of the stock is currently owned by institutional investors and hedge funds.
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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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