Granite Construction (GVA) Raised to Sell at ValuEngine

ValuEngine upgraded shares of Granite Construction (NYSE:GVA) from a strong sell rating to a sell rating in a report issued on Saturday.

A number of other brokerages also recently issued reports on GVA. TheStreet downgraded Granite Construction from a b rating to a c+ rating in a report on Monday, August 13th. Zacks Investment Research upgraded Granite Construction from a hold rating to a strong-buy rating and set a $62.00 price objective for the company in a research report on Wednesday, August 1st. Finally, Canaccord Genuity restated a buy rating and issued a $65.00 price objective (down from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $65.40.

Shares of NYSE:GVA opened at $47.50 on Friday. Granite Construction has a 12-month low of $39.51 and a 12-month high of $68.58. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 2.44 and a beta of 1.21. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.84 and a quick ratio of 1.73.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.18. Granite Construction had a return on equity of 9.37% and a net margin of 2.13%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $1.14 earnings per share. Granite Construction’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts anticipate that Granite Construction will post 2.65 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Thursday, September 27th. Granite Construction’s dividend payout ratio (DPR) is presently 32.10%.

In other Granite Construction news, Director Claes Bjork acquired 6,500 shares of the business’s stock in a transaction dated 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC purchased a new stake in shares of Granite Construction in the first quarter valued at approximately $240,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in shares of Granite Construction in the second quarter valued at approximately $245,000. LPL Financial LLC purchased a new stake in shares of Granite Construction in the first quarter valued at approximately $270,000. Carnick & Kubik Group LLC purchased a new stake in shares of Granite Construction in the third quarter valued at approximately $283,000. Finally, Sei Investments Co. increased its position in shares of Granite Construction by 40.0% in the second quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after buying an additional 1,460 shares in the last quarter. Institutional investors and hedge funds own 96.19% 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.

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Analyst Recommendations for Granite Construction (NYSE:GVA)

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