Granite Construction Incorporated (NYSE:GVA) has been assigned an average recommendation of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $64.00.

A number of research analysts recently weighed in on the company. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. FBR & Co reduced their target price on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, May 3rd. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th.

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In related news, 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 owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 directly owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock valued at $200,206,000 after buying an additional 3,969,000 shares during the period. Vanguard Group Inc. increased its position in shares of Granite Construction by 6.4% in the first quarter. Vanguard Group Inc. now owns 3,291,375 shares of the construction company’s stock valued at $165,194,000 after buying an additional 197,958 shares during the period. Ameriprise Financial Inc. increased its position in shares of Granite Construction by 24.4% in the first quarter. Ameriprise Financial Inc. now owns 1,880,009 shares of the construction company’s stock valued at $94,358,000 after buying an additional 368,574 shares during the period. State Street Corp increased its position in shares of Granite Construction by 3.0% in the first quarter. State Street Corp now owns 1,223,728 shares of the construction company’s stock valued at $61,420,000 after buying an additional 36,214 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Granite Construction by 25.9% in the first quarter. Goldman Sachs Group Inc. now owns 808,979 shares of the construction company’s stock valued at $40,603,000 after buying an additional 166,478 shares during the period. 93.96% of the stock is owned by institutional investors.

Granite Construction (GVA) opened at 53.21 on Tuesday. The firm has a 50-day moving average price of $49.23 and a 200 day moving average price of $50.96. The stock has a market cap of $2.12 billion, a PE ratio of 48.42 and a beta of 1.20. Granite Construction has a 52-week low of $42.59 and a 52-week high of $62.18.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same period last year, the business earned $0.35 EPS. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. On average, analysts forecast that Granite Construction will post $1.50 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Wednesday, June 28th. Granite Construction’s payout ratio is 48.60%.

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.

Analyst Recommendations for Granite Construction (NYSE:GVA)

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