Granite Construction Incorporated (GVA) Given “Neutral” Rating at DA Davidson
Granite Construction Incorporated (NYSE:GVA)‘s stock had its “neutral” rating reissued by equities research analysts at DA Davidson in a research note issued on Monday.
Several other analysts have also issued reports on GVA. Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Wednesday, October 19th. Canaccord Genuity started coverage on shares of Granite Construction in a research report on Tuesday, January 10th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, FBR & Co boosted their price target on shares of Granite Construction from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, January 26th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $57.22.
Shares of Granite Construction (NYSE:GVA) traded down 0.13% during mid-day trading on Monday, reaching $54.97. 266,651 shares of the company’s stock were exchanged. The firm has a market cap of $2.18 billion, a P/E ratio of 32.00 and a beta of 1.47. Granite Construction has a 52-week low of $37.13 and a 52-week high of $62.18. The company has a 50 day moving average price of $55.37 and a 200 day moving average price of $52.19.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Wednesday, March 29th. Granite Construction’s dividend payout ratio (DPR) is currently 30.41%.
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Hedge funds have recently bought and sold shares of the stock. Retirement Systems of Alabama raised its stake in Granite Construction by 0.4% in the second quarter. Retirement Systems of Alabama now owns 51,044 shares of the company’s stock valued at $2,325,000 after buying an additional 221 shares during the period. Putnam FL Investment Management Co. raised its stake in Granite Construction by 6.3% in the second quarter. Putnam FL Investment Management Co. now owns 14,053 shares of the company’s stock valued at $640,000 after buying an additional 835 shares during the period. Columbus Circle Investors raised its stake in Granite Construction by 127.4% in the second quarter. Columbus Circle Investors now owns 472,803 shares of the company’s stock valued at $21,536,000 after buying an additional 264,893 shares during the period. Rail Splitter Capital Management LLC acquired a new stake in Granite Construction during the second quarter valued at about $10,098,000. Finally, Argent Capital Management LLC raised its stake in Granite Construction by 33.6% in the second quarter. Argent Capital Management LLC now owns 54,525 shares of the company’s stock valued at $2,484,000 after buying an additional 13,700 shares during the period. 90.76% of the stock is currently owned by institutional investors.
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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused 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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