Granite Construction (NYSE:GVA) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Granite Construction (NYSE:GVAGet Rating) from a buy rating to a hold rating in a report issued on Saturday morning.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of Granite Construction from $32.00 to $28.00 and set a sell rating for the company in a report on Friday, October 14th. TheStreet raised shares of Granite Construction from a c+ rating to a b- rating in a report on Wednesday, November 9th.

Granite Construction Price Performance

Shares of Granite Construction stock opened at $41.05 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.52 and a quick ratio of 1.44. Granite Construction has a fifty-two week low of $25.35 and a fifty-two week high of $41.18. The firm has a fifty day moving average price of $36.11 and a two-hundred day moving average price of $31.97. The company has a market cap of $1.80 billion, a PE ratio of 32.58 and a beta of 1.39.

Granite Construction (NYSE:GVAGet Rating) last issued its quarterly earnings results on Thursday, October 27th. The construction company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.29. Granite Construction had a net margin of 2.14% and a return on equity of 7.13%. The firm had revenue of $1.01 billion during the quarter. Analysts expect that Granite Construction will post 2.64 EPS for the current year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Thursday, December 29th. Granite Construction’s dividend payout ratio is currently 41.27%.

Hedge Funds Weigh In On Granite Construction

Several institutional investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund lifted its holdings in Granite Construction by 1.1% during the 2nd quarter. Texas Permanent School Fund now owns 32,842 shares of the construction company’s stock valued at $957,000 after purchasing an additional 353 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in Granite Construction by 7.5% during the 1st quarter. Moors & Cabot Inc. now owns 7,161 shares of the construction company’s stock valued at $235,000 after purchasing an additional 501 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Granite Construction by 1.4% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 39,022 shares of the construction company’s stock valued at $991,000 after purchasing an additional 551 shares during the last quarter. Ronald Blue Trust Inc. lifted its holdings in Granite Construction by 85.6% during the 4th quarter. Ronald Blue Trust Inc. now owns 1,201 shares of the construction company’s stock valued at $30,000 after purchasing an additional 554 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Granite Construction by 2.8% during the 3rd quarter. Raymond James & Associates now owns 20,702 shares of the construction company’s stock valued at $526,000 after purchasing an additional 558 shares during the last quarter. 98.77% of the stock is owned by institutional investors.

Granite Construction Company Profile

(Get Rating)

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. It operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public.

Further Reading

Receive News & Ratings for Granite Construction Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction and related companies with MarketBeat.com's FREE daily email newsletter.