According to Zacks, “Granite Construction, Inc. is a diversified heavy civil constractor and construction materials producer. The Company concentrates on ifrastructure projects including roads, bridges, dams, tunnels, canals and rapid transit facilities. The Company also manufactures asphalt, concrete base rock and other construction materials. The Company has offices in Arizona, Nevada, Utah, Texas, Georgia and California. “
Several other analysts have also issued reports on GVA. DA Davidson reiterated a hold rating and set a $53.00 price target on shares of Granite Construction in a research report on Tuesday, August 16th. FBR & Co increased their price target on shares of Granite Construction from $48.00 to $60.00 and gave the stock an outperform rating in a research report on Tuesday, August 2nd. MKM Partners increased their price target 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. Seaport Global Securities upgraded shares of Granite Construction from a neutral rating to a buy rating and increased their price target for the stock from $49.00 to $60.00 in a research report on Monday, August 1st. Finally, Janney Montgomery Scott reiterated a hold rating and set a $53.00 price target on shares of Granite Construction in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $53.70.
Shares of Granite Construction (NYSE:GVA) opened at 48.47 on Wednesday. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 31.17 and a beta of 1.49. The firm’s 50-day moving average is $48.10 and its 200-day moving average is $46.49. Granite Construction has a 12-month low of $30.14 and a 12-month high of $51.35.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.12. Granite Construction had a return on equity of 7.27% and a net margin of 2.57%. The business had revenue of $604.60 million for the quarter, compared to analyst estimates of $632.12 million. During the same quarter in the previous year, the company earned $0.24 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Analysts predict that Granite Construction will post $1.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.07%. The ex-dividend date is Wednesday, September 28th. Granite Construction’s payout ratio is 33.33%.
In other news, Director James Hildebrand Roberts sold 6,612 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total transaction of $325,178.16. Following the completion of the transaction, the director now owns 51,705 shares of the company’s stock, valued at $2,542,851.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David H. Kelsey sold 1,113 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total transaction of $56,863.17. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in GVA. Emerald Acquisition Ltd. acquired a new position in Granite Construction during the second quarter valued at about $29,053,000. Frontier Capital Management Co. LLC increased its position in Granite Construction by 596.6% in the second quarter. Frontier Capital Management Co. LLC now owns 626,910 shares of the company’s stock valued at $28,556,000 after buying an additional 536,910 shares during the last quarter. Vanguard Group Inc. increased its position in Granite Construction by 14.2% in the second quarter. Vanguard Group Inc. now owns 2,881,419 shares of the company’s stock valued at $131,248,000 after buying an additional 357,222 shares during the last quarter. Bank of Montreal Can acquired a new position in Granite Construction during the second quarter valued at about $13,542,000. Finally, Columbus Circle Investors increased its position in Granite Construction by 127.4% in the second quarter. Columbus Circle Investors now owns 472,803 shares of the company’s stock valued at $21,536,000 after buying an additional 264,893 shares during the last quarter. 93.18% 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. 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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