Granite Construction (NYSE:GVA) had its price objective boosted by Cowen from $70.00 to $85.00 in a report published on Thursday. The brokerage currently has an outperform rating on the construction company’s stock.
A number of other equities analysts also recently commented on the company. Zacks Investment Research upgraded Granite Construction from a hold rating to a buy rating and set a $72.00 price objective on the stock in a report on Tuesday, January 9th. B. Riley restated a buy rating on shares of Granite Construction in a report on Wednesday, November 1st. Canaccord Genuity increased their price objective on Granite Construction from $70.00 to $75.00 and gave the stock a buy rating in a report on Monday, October 30th. DA Davidson restated a hold rating and issued a $65.00 price objective on shares of Granite Construction in a report on Monday, October 30th. Finally, Seaport Global Securities downgraded Granite Construction from a buy rating to a neutral rating and set a $64.00 price objective on the stock. in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. Granite Construction has a consensus rating of Buy and an average price target of $69.00.
Granite Construction (NYSE GVA) traded up $1.53 during midday trading on Thursday, hitting $67.64. 225,654 shares of the stock were exchanged, compared to its average volume of 152,588. The company has a quick ratio of 1.71, a current ratio of 1.79 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $2,695.52, a price-to-earnings ratio of 52.43, a price-to-earnings-growth ratio of 2.99 and a beta of 1.25. Granite Construction has a 1-year low of $45.14 and a 1-year high of $68.00.
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 analysts’ consensus estimates of $1.10 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The business had revenue of $957.10 million during the quarter, compared to analyst estimates of $905.14 million. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm’s revenue was up 19.1% compared to the same quarter last year. equities research analysts predict that Granite Construction will post 1.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Friday, December 29th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.77%. Granite Construction’s dividend payout ratio is currently 40.31%.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total transaction of $79,695.20. Following the transaction, the director now owns 50,972 shares in the company, valued at $3,213,784.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William Howard Powell sold 3,103 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $63.85, for a total value of $198,126.55. Following the transaction, the director now owns 46,771 shares in the company, valued at approximately $2,986,328.35. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in GVA. Fieldpoint Private Securities LLC acquired a new position in Granite Construction during the third quarter valued at approximately $106,000. Advisor Group Inc. grew its holdings in Granite Construction by 169.1% during the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after purchasing an additional 1,170 shares during the last quarter. Royal Bank of Canada grew its holdings in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after purchasing an additional 879 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after purchasing an additional 218 shares during the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in Granite Construction by 65.0% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,430 shares during the last quarter.
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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. The Company operates across the nation, serving both public and private sector clients.
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