Granite Construction Inc. (GVA) Lowered to “Sell” at Zacks Investment Research
Granite Construction Inc. (NYSE:GVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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 weighed in on the company. DA Davidson reissued a “hold” rating and issued a $53.00 price objective on shares of Granite Construction in a report on Tuesday, August 16th. Janney Montgomery Scott reissued a “hold” rating and issued a $53.00 price objective on shares of Granite Construction in a report on Tuesday, August 16th. FBR & Co boosted their price objective on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. MKM Partners boosted their price objective on Granite Construction from $55.00 to $56.00 and gave the company a “buy” rating in a report on Monday, August 1st. Finally, Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $49.00 to $60.00 in a report on Monday, August 1st. One research 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. Granite Construction has an average rating of “Buy” and an average price target of $53.70.
Shares of Granite Construction (NYSE:GVA) opened at 48.17 on Wednesday. The stock has a 50 day moving average price of $48.07 and a 200 day moving average price of $46.43. The firm has a market capitalization of $1.91 billion, a PE ratio of 30.98 and a beta of 1.49. 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 quarterly earnings data on Friday, July 29th. The company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. The firm earned $604.60 million during the quarter, compared to the consensus estimate of $632.12 million. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. Analysts predict that Granite Construction will post $1.57 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Wednesday, September 28th. Granite Construction’s dividend payout ratio (DPR) is 33.33%.
In related news, Director James Hildebrand Roberts sold 6,612 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $49.18, for a total value of $325,178.16. Following the completion of the transaction, the director now directly owns 51,705 shares of the company’s stock, valued at approximately $2,542,851.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David H. Kelsey sold 1,113 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total value of $56,863.17. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Granite Construction by 14.2% in the second quarter. Vanguard Group Inc. now owns 2,881,419 shares of the company’s stock worth $131,248,000 after buying an additional 357,222 shares during the period. Dimensional Fund Advisors LP increased its stake in Granite Construction by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,672,440 shares of the company’s stock worth $121,727,000 after buying an additional 59,872 shares during the period. BlackRock Fund Advisors increased its stake in Granite Construction by 3.3% in the second quarter. BlackRock Fund Advisors now owns 1,935,078 shares of the company’s stock worth $88,143,000 after buying an additional 61,588 shares during the period. State Street Corp increased its stake in Granite Construction by 0.7% in the second quarter. State Street Corp now owns 1,181,342 shares of the company’s stock worth $53,814,000 after buying an additional 8,027 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Granite Construction by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 1,180,579 shares of the company’s stock worth $53,776,000 after buying an additional 49,119 shares during the period. Hedge funds and other institutional investors own 93.18% of the company’s stock.
Granite Construction Company Profile
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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