Granite Construction Incorporated (GVA) Upgraded to “Sell” at BidaskClub
Granite Construction Incorporated (NYSE:GVA) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Thursday.
GVA has been the subject of a number of other reports. MKM Partners restated a “buy” rating and issued a $62.00 price objective on shares of Granite Construction in a research report on Wednesday, March 15th. Cowen and Company restated an “outperform” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Thursday, March 30th. Griffin Securities restated a “buy” rating on shares of Granite Construction in a research report on Friday, March 10th. Canaccord Genuity restated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $61.25.
Granite Construction (GVA) traded down 0.70% during mid-day trading on Thursday, reaching $49.40. 520,013 shares of the company’s stock were exchanged. Granite Construction has a 52-week low of $42.59 and a 52-week high of $62.18. The company has a 50-day moving average of $47.90 and a 200-day moving average of $52.05. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 45.66 and a beta of 1.20.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, May 2nd. The construction company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.35. Granite Construction had a net margin of 1.71% and a return on equity of 4.85%. The firm had revenue of $468.40 million during the quarter, compared to the consensus estimate of $458.65 million. During the same quarter last year, the business posted ($0.26) earnings per share. Granite Construction’s revenue was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that Granite Construction will post $1.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a $0.13 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. Granite Construction’s payout ratio is 48.60%.
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In other news, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were 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 in the company, valued at approximately $2,472,956.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the completion of the sale, the director now owns 54,594 shares of the company’s stock, valued at $2,748,261.96. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Large investors have recently made changes to their positions in the company. Sei Investments Co. acquired a new stake in shares of Granite Construction during the first quarter worth $119,000. Tower Research Capital LLC TRC raised its stake in shares of 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. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Granite Construction by 25.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,342 shares of the construction company’s stock worth $181,000 after buying an additional 682 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of 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. Finally, Auxier Asset Management acquired a new stake in shares of Granite Construction during the fourth quarter worth $203,000. Hedge funds and other institutional investors own 93.25% of the company’s stock.
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. The Company operates across the nation, serving both public and private sector clients.
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