Zacks Investment Research upgraded shares of Granite Construction (NYSE:GVA) from a sell rating to a hold rating in a research note issued to investors on Tuesday.
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. “
GVA has been the topic of several other research reports. ValuEngine cut shares of Granite Construction from a hold rating to a sell rating in a research report on Wednesday, January 2nd. MKM Partners set a $59.00 price target on shares of Granite Construction and gave the company a buy rating in a research report on Wednesday, November 7th. Goldman Sachs Group cut shares of Granite Construction from a buy rating to a neutral rating and lowered their price target for the company from $58.00 to $50.00 in a research report on Monday, December 10th. TheStreet raised shares of Granite Construction from a c+ rating to a b rating in a research report on Wednesday, November 21st. Finally, DA Davidson set a $60.00 price target on shares of Granite Construction and gave the company a buy rating in a research report on Monday, October 29th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Granite Construction currently has a consensus rating of Hold and a consensus target price of $63.50.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company posted $1.14 EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts anticipate that Granite Construction will post 2.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.52 annualized dividend and a yield of 1.19%. Granite Construction’s dividend payout ratio (DPR) is currently 32.10%.
In related news, Director James Hildebrand Roberts sold 2,200 shares of the business’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $53.08, for a total value of $116,776.00. Following the sale, the director now directly owns 61,394 shares in the company, valued at approximately $3,258,793.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in Granite Construction by 1,072.8% during the third quarter. Tower Research Capital LLC TRC now owns 4,011 shares of the construction company’s stock worth $183,000 after purchasing an additional 3,669 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Granite Construction during the second quarter worth about $245,000. Sei Investments Co. increased its stake in Granite Construction by 40.0% during the second quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock worth $284,000 after purchasing an additional 1,460 shares during the period. Quantum Capital Management purchased a new stake in Granite Construction during the third quarter worth about $240,000. Finally, Vident Investment Advisory LLC purchased a new stake in Granite Construction during the third quarter worth about $274,000. Hedge funds and other institutional investors own 96.00% of the company’s stock.
Granite Construction Company Profile
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.
Read More: Price to Earnings Ratio (PE) Basics
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Granite Construction Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction and related companies with MarketBeat.com's FREE daily email newsletter.