Granite Construction (GVA) Upgraded to “Hold” at ValuEngine

ValuEngine upgraded shares of Granite Construction (NYSE:GVA) from a sell rating to a hold rating in a report issued on Wednesday.

A number of other equities analysts have also commented on GVA. Zacks Investment Research lowered shares of Granite Construction from a hold rating to a sell rating in a research note on Thursday, November 1st. TheStreet lowered shares of Granite Construction from a b rating to a c+ rating in a research note on Monday, August 13th. MKM Partners set a $55.00 price objective on shares of Granite Construction and gave the stock a buy rating in a research note on Tuesday, October 30th. DA Davidson set a $60.00 price objective on shares of Granite Construction and gave the stock a buy rating in a research note on Monday, October 29th. They noted that the move was a valuation call. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $65.00 price objective (down previously from $75.00) on shares of Granite Construction in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $66.20.

Granite Construction stock opened at $52.80 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 2.58 and a beta of 1.07. Granite Construction has a 1 year low of $39.51 and a 1 year high of $68.58.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business posted $1.14 EPS. The company’s revenue was up 10.3% on a year-over-year basis. Sell-side analysts predict that Granite Construction will post 2.99 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend was Thursday, September 27th. Granite Construction’s dividend payout ratio is 32.10%.

In other news, Director Claes Bjork acquired 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average price of $44.25 per share, with a total value of $287,625.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Large investors have recently modified their holdings of the business. Federated Investors Inc. PA boosted its stake in shares of Granite Construction by 152.0% during the 2nd quarter. Federated Investors Inc. PA now owns 72,546 shares of the construction company’s stock valued at $4,038,000 after buying an additional 43,756 shares during the period. Liberty Mutual Group Asset Management Inc. boosted its stake in shares of Granite Construction by 15.3% during the 2nd quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock valued at $504,000 after buying an additional 1,204 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Granite Construction during the 2nd quarter valued at $245,000. Sei Investments Co. boosted its stake in shares of Granite Construction by 40.0% during the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after buying an additional 1,460 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Granite Construction by 13.4% during the 2nd quarter. Swiss National Bank now owns 78,700 shares of the construction company’s stock valued at $4,380,000 after buying an additional 9,300 shares during the period. 96.72% of the stock is owned by institutional investors.

Granite Construction Company Profile

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing 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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