Granite Construction Inc. (GVA) Downgraded by Zacks Investment Research to Sell
Granite Construction Inc. (NYSE:GVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Granite Construction, Inc. is a diversified heavy civil constractor and construction materials producer. The Company concentrates on ifrastructure projects including roads, bridges, dams, tunnels, canals and rapid transit facilities. The Company also manufactures asphalt, concrete base rock and other construction materials. The Company has offices in Arizona, Nevada, Utah, Texas, Georgia and California. “
Several other research analysts also recently weighed in on the company. MKM Partners initiated coverage on Granite Construction in a research note on Wednesday, June 29th. They set a “buy” rating and a $51.00 target price for the company. Janney Montgomery Scott reissued a “hold” rating and issued a $53.00 price objective on shares of Granite Construction in a research note on Tuesday, August 16th. Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $60.00 in a research note on Monday, August 1st. FBR & Co increased their price objective on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Finally, DA Davidson reissued a “hold” rating and issued a $53.00 price objective on shares of Granite Construction in a research note on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $53.70.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/08/granite-construction-inc-gva-downgraded-by-zacks-investment-research-to-sell.html
Granite Construction (NYSE:GVA) traded down 1.26% during trading on Wednesday, reaching $48.47. 261,131 shares of the company’s stock traded hands. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 31.17 and a beta of 1.49. Granite Construction has a one year low of $30.14 and a one year high of $51.35. The company has a 50 day moving average of $48.10 and a 200 day moving average of $46.49.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, July 29th. The company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. The business had revenue of $604.60 million for the quarter, compared to analyst estimates of $632.12 million. Granite Construction had a return on equity of 7.27% and a net margin of 2.57%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Equities research analysts predict that Granite Construction will post $1.57 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.07%. The ex-dividend date is Wednesday, September 28th. Granite Construction’s payout ratio is currently 33.33%.
In other news, Director David H. Kelsey sold 1,113 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total transaction of $56,863.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Hildebrand Roberts sold 6,612 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $49.18, for a total value of $325,178.16. Following the transaction, the director now owns 51,705 shares of the company’s stock, valued at $2,542,851.90. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in GVA. Bank of Montreal Can acquired a new position in Granite Construction during the second quarter worth $13,542,000. Goldman Sachs Group Inc. boosted its position in Granite Construction by 10.8% in the first quarter. Goldman Sachs Group Inc. now owns 197,849 shares of the company’s stock worth $9,457,000 after buying an additional 19,259 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Granite Construction by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,144,233 shares of the company’s stock worth $54,694,000 after buying an additional 4,359 shares in the last quarter. Norges Bank acquired a new position in Granite Construction during the fourth quarter worth $9,532,000. Finally, Hancock Holding Co. acquired a new position in Granite Construction during the second quarter worth $764,000. Institutional investors and hedge funds own 93.18% of the company’s stock.
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. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Granite Construction Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Inc. and related companies with MarketBeat.com's FREE daily email newsletter.