Granite Construction Inc. (GVA) Given Consensus Recommendation of “Buy” by Analysts
Shares of Granite Construction Inc. (NYSE:GVA) have earned an average recommendation of “Buy” from the ten analysts that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $71.20.
Several research firms have commented on GVA. ValuEngine cut shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 8th. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research report on Wednesday, August 1st. Canaccord Genuity restated a “buy” rating and issued a $65.00 target price (down previously from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. MKM Partners decreased their target price on shares of Granite Construction to $74.00 and set a “buy” rating for the company in a research report on Friday, May 25th. Finally, TheStreet cut shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Monday, August 13th.
Shares of NYSE:GVA traded down $0.10 during trading on Wednesday, reaching $45.10. 332,900 shares of the company’s stock traded hands, compared to its average volume of 350,587. The company has a quick ratio of 1.42, a current ratio of 1.53 and a debt-to-equity ratio of 0.22. Granite Construction has a 12 month low of $40.76 and a 12 month high of $68.58. The company has a market cap of $2.07 billion, a PE ratio of 27.92, a P/E/G ratio of 2.14 and a beta of 1.23.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Thursday, September 27th. Granite Construction’s dividend payout ratio (DPR) is 32.10%.
In other news, Director Claes Bjork bought 6,500 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average price of $44.25 per share, for a total transaction of $287,625.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Trexquant Investment LP boosted its holdings in shares of Granite Construction by 10.4% in the first quarter. Trexquant Investment LP now owns 11,439 shares of the construction company’s stock valued at $639,000 after acquiring an additional 1,080 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in shares of Granite Construction by 18.5% in the second quarter. Xact Kapitalforvaltning AB now owns 7,037 shares of the construction company’s stock valued at $392,000 after acquiring an additional 1,100 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Granite Construction by 7.6% in the first quarter. Citigroup Inc. now owns 16,679 shares of the construction company’s stock valued at $931,000 after acquiring an additional 1,175 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its holdings in shares of Granite Construction by 15.3% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock valued at $504,000 after acquiring an additional 1,204 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Granite Construction by 22.7% in the second quarter. Amalgamated Bank now owns 6,976 shares of the construction company’s stock valued at $388,000 after acquiring an additional 1,291 shares in the last quarter. Institutional investors and hedge funds own 95.60% of the company’s stock.
About Granite Construction
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.
Further Reading: Market Capitalization and Individual Investors
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.