Granite Construction (GVA) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Construction (NYSE:GVA) from a sell rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “Granite Construction Inc. is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honoured as one of the World’s Most Ethical Companies by Ethisphere Institute for eight consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. “

A number of other brokerages have also weighed in on GVA. ValuEngine lowered Granite Construction from a hold rating to a sell rating in a research note on Wednesday, July 25th. Canaccord Genuity restated a buy rating and issued a $65.00 target price (down from $75.00) on shares of Granite Construction in a research note on Thursday, August 9th. Finally, TheStreet lowered Granite Construction from a b rating to a c+ rating in a research note on Monday, August 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $70.80.

NYSE GVA traded down $0.44 during trading on Wednesday, reaching $42.60. The company’s stock had a trading volume of 487,557 shares, compared to its average volume of 361,135. The firm has a market capitalization of $2.09 billion, a P/E ratio of 26.30, a P/E/G ratio of 2.46 and a beta of 1.21. 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 one year low of $40.76 and a one year high of $68.58.

Granite Construction (NYSE:GVA) last announced its earnings results on Wednesday, August 8th. The construction company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($1.01). The business had revenue of $807.10 million during the quarter, compared to the consensus estimate of $897.70 million. Granite Construction had a return on equity of 8.35% and a net margin of 1.88%. Granite Construction’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, research analysts anticipate that Granite Construction will post 2.65 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.52 dividend on an annualized basis and a yield of 1.22%. Granite Construction’s dividend payout ratio is currently 32.10%.

In other news, Director Claes Bjork acquired 6,500 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average cost of $44.25 per share, for a total transaction of $287,625.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Granite Construction by 18.0% in the 2nd quarter. BlackRock Inc. now owns 4,908,757 shares of the construction company’s stock worth $273,220,000 after purchasing an additional 747,059 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Granite Construction by 10.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,526,736 shares of the construction company’s stock worth $140,637,000 after purchasing an additional 236,137 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Granite Construction by 6.8% in the 2nd quarter. Northern Trust Corp now owns 1,279,899 shares of the construction company’s stock worth $71,239,000 after purchasing an additional 82,032 shares in the last quarter. Voya Investment Management LLC boosted its holdings in shares of Granite Construction by 13.1% in the 2nd quarter. Voya Investment Management LLC now owns 1,152,337 shares of the construction company’s stock worth $64,139,000 after purchasing an additional 133,035 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its holdings in shares of Granite Construction by 24.1% in the 2nd quarter. Glenmede Trust Co. NA now owns 938,995 shares of the construction company’s stock worth $52,264,000 after purchasing an additional 182,437 shares in the last quarter. Hedge funds and other institutional investors own 95.60% of the company’s stock.

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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