MKM Partners reaffirmed their buy rating on shares of Granite Construction Inc. (NYSE:GVA) in a research note issued to investors on Wednesday morning. MKM Partners currently has a $62.00 target price on the stock.
GVA has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Granite Construction from a sell rating to a hold rating in a research note on Tuesday, February 14th. FBR & Co upped their price target on shares of Granite Construction from $60.00 to $70.00 and gave the stock an outperform rating in a research note on Thursday, January 26th. Canaccord Genuity assumed coverage on shares of Granite Construction in a research note on Tuesday, January 10th. They issued a buy rating and a $70.00 price target on the stock. DA Davidson restated a neutral rating on shares of Granite Construction in a research note on Monday, February 13th. Finally, Griffin Securities restated a buy rating on shares of Granite Construction in a research note on Friday, March 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Granite Construction has an average rating of Buy and a consensus price target of $57.56.
Granite Construction (NYSE:GVA) traded down 2.1807% during trading on Wednesday, hitting $47.9119. 31,729 shares of the stock traded hands. The company has a market cap of $1.90 billion, a P/E ratio of 33.7408 and a beta of 1.47. Granite Construction has a 52-week low of $40.16 and a 52-week high of $62.18. The firm has a 50-day moving average price of $53.62 and a 200 day moving average price of $52.67.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, February 17th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.18. The firm earned $666.81 million during the quarter, compared to the consensus estimate of $685.85 million. Granite Construction had a return on equity of 7.85% and a net margin of 2.77%. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 EPS. On average, equities analysts expect that Granite Construction will post $2.19 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Wednesday, March 29th. Granite Construction’s dividend payout ratio is currently 30.41%.
In other Granite Construction news, insider Laurel J. Krzeminski sold 3,174 shares of the company’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $50.11, for a total transaction of $159,049.14. Following the transaction, the insider now owns 54,854 shares in the company, valued at approximately $2,748,733.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of GVA. State Treasurer State of Michigan boosted its position in Granite Construction by 0.6% in the third quarter. State Treasurer State of Michigan now owns 15,945 shares of the company’s stock valued at $793,000 after buying an additional 100 shares in the last quarter. Putnam FL Investment Management Co. boosted its position in shares of Granite Construction by 0.8% in the third quarter. Putnam FL Investment Management Co. now owns 14,172 shares of the company’s stock valued at $705,000 after buying an additional 119 shares during the period. LS Investment Advisors LLC boosted its position in shares of Granite Construction by 5.5% in the third quarter. LS Investment Advisors LLC now owns 2,589 shares of the company’s stock valued at $129,000 after buying an additional 136 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in shares of Granite Construction by 1.5% in the third quarter. Municipal Employees Retirement System of Michigan now owns 17,770 shares of the company’s stock valued at $884,000 after buying an additional 260 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Granite Construction by 2.1% in the third quarter. Oregon Public Employees Retirement Fund now owns 13,439 shares of the company’s stock valued at $668,000 after buying an additional 273 shares during the period. Institutional investors and hedge funds own 90.76% 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. 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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