Granite Construction (GVA) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Granite Construction (NYSE:GVA) from a hold rating to a sell rating in a report released on Wednesday.
According to Zacks, “Granite Construction Inc. is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honoured as one of the World’s Most Ethical Companies by Ethisphere Institute for eight consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. “
Several other research firms also recently commented on GVA. B. Riley reiterated a buy rating on shares of Granite Construction in a report on Wednesday, November 1st. Canaccord Genuity increased their price objective on shares of Granite Construction from $70.00 to $75.00 and gave the stock a buy rating in a research note on Monday, October 30th. DA Davidson reiterated a hold rating and set a $65.00 price objective on shares of Granite Construction in a research note on Monday, October 30th. FBR & Co reiterated a buy rating and set a $68.00 price objective on shares of Granite Construction in a research note on Tuesday, October 3rd. Finally, Seaport Global Securities cut shares of Granite Construction from a buy rating to a neutral rating and set a $64.00 target price for the company. in a report on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of Hold and a consensus target price of $67.00.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The firm had revenue of $957.10 million for the quarter, compared to analyst estimates of $905.14 million. During the same period in the prior year, the firm posted $0.92 earnings per share. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. research analysts forecast that Granite Construction will post 1.56 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend is Thursday, December 28th. Granite Construction’s dividend payout ratio (DPR) is 40.31%.
In other Granite Construction news, Director William Howard Powell sold 3,103 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $63.85, for a total transaction of $198,126.55. Following the transaction, the director now directly owns 46,771 shares in the company, valued at approximately $2,986,328.35. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total value of $79,695.20. Following the transaction, the director now owns 50,972 shares in the company, valued at $3,213,784.60. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Fieldpoint Private Securities LLC bought a new stake in shares of Granite Construction during the 3rd quarter worth $106,000. Advisor Group Inc. raised its stake in Granite Construction by 169.1% in the 3rd quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after acquiring an additional 1,170 shares during the period. Royal Bank of Canada raised its stake in Granite Construction by 56.3% in the 2nd quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after acquiring an additional 879 shares during the period. Sei Investments Co. raised its stake in Granite Construction by 38.3% in the 2nd quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock valued at $158,000 after acquiring an additional 909 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in Granite Construction by 7.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after acquiring an additional 218 shares during the period. Institutional investors and hedge funds own 99.49% of the company’s stock.
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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. The Company operates across the nation, serving both public and private sector clients.
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