Published On: Thu, Sep 15th, 2016

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Granite Construction Inc. (NYSE:GVA) has received an average recommendation of “Buy” from the eleven research firms that are currently covering the firm. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $53.89.
GVA has been the topic of several research reports. MKM Partners lifted their price target on Granite Construction from $51.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. DA Davidson reissued a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Janney Montgomery Scott reissued a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. FBR & Co boosted their target price on Granite Construction from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Finally, Seaport Global Securities raised Granite Construction from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $60.00 in a report on Monday, August 1st.
Shares of Granite Construction (NYSE:GVA) traded up 1.638% during midday trading on Thursday, hitting $45.605. The stock had a trading volume of 71,111 shares. Granite Construction has a 12 month low of $28.45 and a 12 month high of $51.35. The stock’s 50-day moving average is $48.95 and its 200-day moving average is $45.92. The stock has a market cap of $1.81 billion, a PE ratio of 29.328 and a beta of 1.48.

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Granite Construction (NYSE:GVA) last released its quarterly earnings results on Friday, July 29th. The company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The firm had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts anticipate that Granite Construction will post $1.58 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend is Wednesday, September 28th. Granite Construction’s payout ratio is currently 33.33%.
In related news, Director David H. Kelsey sold 1,113 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total transaction of $56,863.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Hildebrand Roberts sold 6,612 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total value of $325,178.16. Following the sale, the director now owns 51,705 shares of the company’s stock, valued at approximately $2,542,851.90. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its stake in Granite Construction by 10.8% in the first quarter. Goldman Sachs Group Inc. now owns 197,849 shares of the company’s stock worth $9,457,000 after buying an additional 19,259 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Granite Construction by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,144,233 shares of the company’s stock worth $54,694,000 after buying an additional 4,359 shares during the period. Norges Bank purchased a new stake in Granite Construction during the fourth quarter worth approximately $9,532,000. Pioneer Investment Management Inc. purchased a new stake in Granite Construction during the fourth quarter worth approximately $2,397,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Granite Construction by 68.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,132 shares of the company’s stock worth $150,000 after buying an additional 1,275 shares during the period. Institutional investors own 93.69% 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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused 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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