MKM Partners set a $59.00 price target on Granite Construction (NYSE:GVA) in a report released on Wednesday, The Fly reports. The firm currently has a buy rating on the construction company’s stock.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Granite Construction from a hold rating to a sell rating in a report on Thursday, November 1st. ValuEngine downgraded Granite Construction from a sell rating to a strong sell rating in a report on Wednesday, August 8th. Canaccord Genuity reiterated a buy rating and issued a $65.00 target price (down from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. DA Davidson set a $60.00 target price on Granite Construction and gave the stock a buy rating in a report on Monday, October 29th. They noted that the move was a valuation call. Finally, TheStreet downgraded Granite Construction from a b rating to a c+ rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $66.20.
Shares of GVA traded down $1.05 during mid-day trading on Wednesday, reaching $52.80. 375,024 shares of the company were exchanged, compared to its average volume of 697,581. Granite Construction has a 52 week low of $39.51 and a 52 week high of $68.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.84 and a quick ratio of 1.73. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 2.67 and a beta of 1.07.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.52 dividend on an annualized basis and a yield of 0.98%. Granite Construction’s payout ratio is currently 32.10%.
In other Granite Construction news, Director Claes Bjork bought 6,500 shares of the stock in a transaction on Tuesday, August 14th. The stock was acquired at an average cost of $44.25 per share, for a total transaction of $287,625.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in GVA. BlackRock Inc. grew its stake in Granite Construction by 18.0% in the second quarter. BlackRock Inc. now owns 4,908,757 shares of the construction company’s stock valued at $273,220,000 after acquiring an additional 747,059 shares during the period. Wynnefield Capital Inc. acquired a new stake in Granite Construction in the second quarter valued at approximately $26,057,000. Royce & Associates LP grew its stake in Granite Construction by 535.8% in the second quarter. Royce & Associates LP now owns 534,110 shares of the construction company’s stock valued at $29,729,000 after acquiring an additional 450,110 shares during the period. Victory Capital Management Inc. grew its stake in Granite Construction by 40.1% in the third quarter. Victory Capital Management Inc. now owns 1,292,287 shares of the construction company’s stock valued at $59,057,000 after acquiring an additional 369,850 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Granite Construction by 10.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,526,736 shares of the construction company’s stock valued at $140,637,000 after buying an additional 236,137 shares during the last quarter. 96.72% of the stock is owned by hedge funds and other institutional investors.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing 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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