Granite Construction Incorporated (GVA) Rating Lowered to Strong Sell at BidaskClub
BidaskClub downgraded shares of Granite Construction Incorporated (NYSE:GVA) from a sell rating to a strong sell rating in a report issued on Thursday morning.
A number of other research firms have also recently commented on GVA. Zacks Investment Research cut Granite Construction from a hold rating to a strong sell rating in a research note on Friday, April 14th. FBR & Co lowered their target price on Granite Construction from $67.00 to $63.00 and set an outperform rating for the company in a research note on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) upgraded Granite Construction from a neutral rating to a buy rating and lifted their price objective for the company from $50.19 to $61.00 in a research note on Monday, April 3rd. Canaccord Genuity reiterated a buy rating and set a $70.00 price objective on shares of Granite Construction in a research note on Wednesday, May 3rd. Finally, Cowen and Company reiterated an outperform rating and set a $70.00 price objective on shares of Granite Construction in a research note on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Granite Construction currently has an average rating of Buy and an average target price of $61.25.
Granite Construction (NYSE GVA) traded up 2.93% during midday trading on Thursday, hitting $48.76. The stock had a trading volume of 223,470 shares. Granite Construction has a 12 month low of $42.59 and a 12 month high of $62.18. The firm’s 50-day moving average price is $49.14 and its 200 day moving average price is $51.06. The company has a market cap of $1.94 billion, a P/E ratio of 45.06 and a beta of 1.20.
Granite Construction (NYSE:GVA) last released its earnings results on Tuesday, May 2nd. The construction company reported ($0.60) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.35. The firm had revenue of $468.40 million during the quarter, compared to analysts’ expectations of $458.65 million. Granite Construction had a net margin of 1.71% and a return on equity of 4.85%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.26) EPS. On average, analysts expect that Granite Construction will post $1.81 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Wednesday, June 28th. Granite Construction’s payout ratio is 48.60%.
In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of Granite Construction stock in a transaction on Friday, June 9th. The stock was sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the sale, the director now owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William Howard Powell sold 3,000 shares of Granite Construction stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the sale, the director now directly owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Sei Investments Co. acquired a new stake in Granite Construction during the first quarter worth approximately $119,000. Tower Research Capital LLC TRC raised its stake in Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after buying an additional 1,367 shares during the last quarter. LS Investment Advisors LLC raised its stake in Granite Construction by 44.0% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock worth $200,000 after buying an additional 1,215 shares during the last quarter. Auxier Asset Management acquired a new stake in Granite Construction during the fourth quarter worth approximately $203,000. Finally, Laurion Capital Management LP acquired a new stake in Granite Construction during the first quarter worth approximately $216,000. 94.07% of the stock is owned by institutional investors and hedge funds.
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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