DA Davidson reaffirmed their hold rating on shares of Granite Construction Incorporated (NYSE:GVA) in a research note published on Monday morning. DA Davidson currently has a $65.00 price target on the construction company’s stock.
A number of other brokerages also recently commented on GVA. Zacks Investment Research upgraded Granite Construction from a hold rating to a buy rating and set a $65.00 target price for the company in a report on Friday, October 13th. Canaccord Genuity restated a buy rating and set a $70.00 target price on shares of Granite Construction in a report on Tuesday, August 1st. BidaskClub downgraded Granite Construction from a sell rating to a strong sell rating in a report on Thursday, July 27th. Seaport Global Securities downgraded 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. Finally, FBR & Co restated a buy rating and set a $68.00 target price on shares of Granite Construction in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $67.00.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The company had revenue of $957.10 million during the quarter, compared to the consensus estimate of $905.14 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share.
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The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.52 annualized dividend and a yield of 0.82%. Granite Construction’s payout ratio is 40.31%.
In related news, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of GVA. UBS Asset Management Americas Inc. grew its stake in Granite Construction by 41.0% in the first quarter. UBS Asset Management Americas Inc. now owns 23,378 shares of the construction company’s stock worth $1,173,000 after purchasing an additional 6,802 shares during the period. JPMorgan Chase & Co. grew its stake in Granite Construction by 672.8% in the first quarter. JPMorgan Chase & Co. now owns 6,182 shares of the construction company’s stock worth $310,000 after purchasing an additional 5,382 shares during the period. Principal Financial Group Inc. grew its stake in Granite Construction by 1.4% in the first quarter. Principal Financial Group Inc. now owns 160,682 shares of the construction company’s stock worth $8,064,000 after purchasing an additional 2,197 shares during the period. Wellington Management Group LLP grew its stake in Granite Construction by 676.4% in the first quarter. Wellington Management Group LLP now owns 194,498 shares of the construction company’s stock worth $9,761,000 after purchasing an additional 169,448 shares during the period. Finally, Teachers Advisors LLC grew its stake in Granite Construction by 2.4% in the first quarter. Teachers Advisors LLC now owns 69,334 shares of the construction company’s stock worth $3,480,000 after purchasing an additional 1,655 shares during the period. 98.85% of the stock is currently owned by institutional investors.
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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