Granite Construction Incorporated (NYSE:GVA) Stock Price Up 11.1% on Analyst Upgrade

Shares of Granite Construction Incorporated (NYSE:GVA) shot up 11.1% during trading on Tuesday after FBR & Co raised their price target on the stock from $63.00 to $68.00. FBR & Co currently has an outperform rating on the stock. Granite Construction traded as high as $54.98 and last traded at $54.47, with a volume of 1,493,714 shares trading hands. The stock had previously closed at $49.02.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity reissued a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research report on Wednesday, May 3rd. Zacks Investment Research cut shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, April 14th. Goldman Sachs Group, Inc. (The) raised shares of Granite Construction from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $50.19 to $61.00 in a research report on Monday, April 3rd. Finally, BidaskClub upgraded shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $62.14.

In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the sale, the director now directly owns 54,594 shares of the company’s stock, valued at $2,748,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total transaction of $148,800.00. Following the completion of the sale, the director now directly owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Suntrust Banks Inc. increased its position in shares of Granite Construction by 178.1% in the first quarter. Suntrust Banks Inc. now owns 34,353 shares of the construction company’s stock valued at $1,724,000 after buying an additional 22,000 shares during the period. American Century Companies Inc. increased its position in shares of Granite Construction by 0.4% in the first quarter. American Century Companies Inc. now owns 160,944 shares of the construction company’s stock valued at $8,078,000 after buying an additional 600 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Granite Construction by 7.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 244,743 shares of the construction company’s stock valued at $12,284,000 after buying an additional 17,803 shares during the period. BlackRock Inc. increased its position in shares of Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock valued at $200,206,000 after buying an additional 3,969,000 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Granite Construction by 676.4% in the first quarter. Wellington Management Group LLP now owns 194,498 shares of the construction company’s stock valued at $9,761,000 after buying an additional 169,448 shares during the period. 93.96% of the stock is owned by hedge funds and other institutional investors.

The company has a market cap of $2.09 billion, a P/E ratio of 47.64 and a beta of 1.20. The stock’s 50-day moving average is $50.13 and its 200 day moving average is $50.93.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. The business had revenue of $762.90 million for the quarter, compared to analyst estimates of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 EPS. On average, equities analysts forecast that Granite Construction Incorporated will post $1.53 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.99%. Granite Construction’s dividend payout ratio is presently 48.60%.

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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. The Company operates across the nation, serving both public and private sector clients.

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