Granite Construction Inc. (GVA) Given Average Rating of “Buy” by Brokerages
Shares of Granite Construction Inc. (NYSE:GVA) have been given a consensus recommendation of “Buy” by the nine brokerages that are presently covering the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $54.13.
A number of analysts have issued reports on GVA shares. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. MKM Partners raised their target price on Granite Construction from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, August 1st. DA Davidson set a $51.00 target price on Granite Construction and gave the stock a “hold” rating in a research note on Tuesday, November 8th. Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and raised their target price for the stock from $49.00 to $60.00 in a research note on Monday, August 1st. Finally, Janney Montgomery Scott reaffirmed a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a research note on Tuesday, August 16th.
In related news, insider Michael Francis Donnino sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $58.06, for a total transaction of $290,300.00. Following the completion of the transaction, the insider now directly owns 57,280 shares in the company, valued at approximately $3,325,676.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Hildebrand Roberts sold 6,612 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $48.00, for a total value of $317,376.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of Granite Construction by 5.7% in the third quarter. BlackRock Fund Advisors now owns 2,046,150 shares of the company’s stock worth $101,776,000 after buying an additional 111,072 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Granite Construction by 108.8% in the third quarter. Ameriprise Financial Inc. now owns 1,493,783 shares of the company’s stock worth $74,296,000 after buying an additional 778,228 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Granite Construction by 3.6% in the third quarter. Bank of New York Mellon Corp now owns 1,223,069 shares of the company’s stock worth $60,835,000 after buying an additional 42,490 shares during the period. Institutional investors own 90.77% of the company’s stock.
Granite Construction (NYSE:GVA) traded down 0.29% during mid-day trading on Friday, hitting $61.12. The company had a trading volume of 202,173 shares. The company has a 50-day moving average price of $49.70 and a 200 day moving average price of $47.38. Granite Construction has a 52-week low of $35.69 and a 52-week high of $62.18. The company has a market capitalization of $2.42 billion, a P/E ratio of 35.58 and a beta of 1.42.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 28th. The company reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.06. Granite Construction had a net margin of 2.77% and a return on equity of 7.85%. The firm earned $803.90 million during the quarter, compared to analyst estimates of $826.52 million. During the same period in the prior year, the company posted $0.77 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, analysts forecast that Granite Construction will post $1.53 EPS for the current fiscal year.
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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. 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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