Granite Construction (GVA) Raised to Hold at ValuEngine

ValuEngine upgraded shares of Granite Construction (NYSE:GVA) from a sell rating to a hold rating in a research report report published on Wednesday morning.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded Granite Construction from a hold rating to a strong-buy rating and set a $62.00 target price for the company in a report on Wednesday, August 1st. MKM Partners set a $59.00 target price on Granite Construction and gave the company a buy rating in a report on Wednesday. Canaccord Genuity reaffirmed a buy rating and set a $65.00 price target (down previously from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. DA Davidson set a $60.00 price target on 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. Finally, TheStreet lowered Granite Construction from a b rating to a c+ rating in a research report on Monday, August 13th. One research 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. Granite Construction presently has a consensus rating of Buy and a consensus target price of $66.20.

Shares of GVA traded down $1.05 during midday trading on Wednesday, reaching $52.80. The stock had a trading volume of 375,024 shares, compared to its average volume of 697,581. Granite Construction has a 12-month low of $39.51 and a 12-month high of $68.58. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.61 billion, a P/E ratio of 32.59, a PEG ratio of 2.67 and a beta of 1.07.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 26th. The construction company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.18. Granite Construction had a return on equity of 9.37% and a net margin of 2.13%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the business earned $1.14 EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts predict that Granite Construction will post 2.99 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, September 27th. Granite Construction’s payout ratio is 32.10%.

In other Granite Construction news, Director Claes Bjork purchased 6,500 shares of the stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $44.25 per share, with a total value of $287,625.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Granite Construction by 14.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,943 shares of the construction company’s stock worth $957,000 after acquiring an additional 2,630 shares in the last quarter. Rutabaga Capital Management LLC MA raised its position in shares of Granite Construction by 10.9% in the 3rd quarter. Rutabaga Capital Management LLC MA now owns 344,038 shares of the construction company’s stock worth $15,723,000 after acquiring an additional 33,900 shares in the last quarter. American International Group Inc. raised its position in shares of Granite Construction by 1.6% in the 3rd quarter. American International Group Inc. now owns 121,230 shares of the construction company’s stock worth $5,540,000 after acquiring an additional 1,930 shares in the last quarter. BlackRock Inc. raised its position in shares of Granite Construction by 1.7% in the 3rd quarter. BlackRock Inc. now owns 4,994,449 shares of the construction company’s stock worth $228,248,000 after acquiring an additional 85,692 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Granite Construction by 3.4% in the 3rd quarter. Alliancebernstein L.P. now owns 1,674,516 shares of the construction company’s stock worth $76,525,000 after acquiring an additional 54,971 shares in the last quarter. 96.72% of the stock is owned by hedge funds and other institutional investors.

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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