DA Davidson Analysts Give Granite Construction Inc. (GVA) a $51.00 Price Target
Several other equities analysts have also recently issued reports on the stock. MKM Partners upped their target price on shares of Granite Construction from $51.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, July 19th. Zacks Investment Research upgraded shares of Granite Construction from a sell rating to a hold rating in a research note on Wednesday, October 19th. Janney Montgomery Scott restated a hold rating and set a $53.00 target price on shares of Granite Construction in a research note on Tuesday, August 16th. Seaport Global Securities upgraded shares of Granite Construction from a neutral rating to a buy rating and upped their target price for the company from $49.00 to $60.00 in a research note on Monday, August 1st. Finally, FBR & Co increased their price objective on shares of Granite Construction from $48.00 to $60.00 and gave the stock an outperform rating in a research note on Tuesday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Granite Construction currently has a consensus rating of Buy and a consensus target price of $53.50.
Granite Construction (NYSE:GVA) opened at 55.01 on Tuesday. Granite Construction has a 52 week low of $35.69 and a 52 week high of $57.14. The company’s 50-day moving average is $47.19 and its 200 day moving average is $46.46. The stock has a market cap of $2.18 billion, a PE ratio of 32.02 and a beta of 1.42.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, October 28th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.06. The company had revenue of $803.90 million for the quarter, compared to the consensus estimate of $826.52 million. Granite Construction had a net margin of 2.77% and a return on equity of 7.85%. Granite Construction’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. On average, analysts expect that Granite Construction will post $1.53 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend was Wednesday, September 28th. Granite Construction’s dividend payout ratio (DPR) is currently 30.41%.
In related news, Director James Hildebrand Roberts sold 4,175 shares of the firm’s stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $52.00, for a total value of $217,100.00. Following the completion of the transaction, the director now directly owns 41,095 shares of the company’s stock, valued at $2,136,940. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael Francis Donnino sold 3,241 shares of the firm’s stock in a transaction on Friday, November 4th. The shares were sold at an average price of $46.73, for a total transaction of $151,451.93. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley raised its position in Granite Construction by 36.1% in the third quarter. Morgan Stanley now owns 82,589 shares of the company’s stock worth $4,108,000 after buying an additional 21,914 shares during the period. Timpani Capital Management LLC raised its position in Granite Construction by 31.5% in the third quarter. Timpani Capital Management LLC now owns 60,599 shares of the company’s stock worth $3,014,000 after buying an additional 14,510 shares during the period. Principal Financial Group Inc. raised its position in Granite Construction by 4.2% in the third quarter. Principal Financial Group Inc. now owns 153,941 shares of the company’s stock worth $7,657,000 after buying an additional 6,226 shares during the period. Northern Trust Corp raised its position in Granite Construction by 1.0% in the third quarter. Northern Trust Corp now owns 1,207,731 shares of the company’s stock worth $60,074,000 after buying an additional 11,877 shares during the period. Finally, California State Teachers Retirement System raised its position in Granite Construction by 1.0% in the third quarter. California State Teachers Retirement System now owns 83,682 shares of the company’s stock worth $4,162,000 after buying an additional 800 shares during the period. 93.35% of the stock is owned by hedge funds and other institutional investors.
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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