Granite Construction (NYSE:GVA) Downgraded to Sell at ValuEngine

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ValuEngine lowered shares of Granite Construction (NYSE:GVA) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, ValuEngine reports.

GVA has been the topic of a number of other research reports. Zacks Investment Research cut shares of EXACT Sciences from a hold rating to a sell rating in a report on Tuesday, July 2nd. B. Riley reissued a buy rating on shares of Insight Enterprises in a report on Monday, April 29th. Goldman Sachs Group raised shares of Koninklijke KPN from a neutral rating to a buy rating in a report on Wednesday, May 29th. Finally, MKM Partners set a $61.00 target price on shares of Granite Construction and gave the company a buy rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $59.00.

Shares of GVA stock opened at $43.38 on Thursday. The firm’s fifty day simple moving average is $43.83. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.12 and a quick ratio of 1.97. Granite Construction has a 1 year low of $38.55 and a 1 year high of $58.93. The company has a market cap of $2.03 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 2.19 and a beta of 1.34.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, April 26th. The construction company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.35). Granite Construction had a net margin of 0.57% and a return on equity of 6.03%. The business had revenue of $619.80 million for the quarter, compared to the consensus estimate of $644.46 million. During the same period in the previous year, the firm earned ($0.13) EPS. The company’s revenue was up 10.0% compared to the same quarter last year. As a group, analysts forecast that Granite Construction will post 2.83 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.13 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.52 annualized dividend and a dividend yield of 1.20%. Granite Construction’s payout ratio is currently 22.22%.

Several institutional investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC increased its stake in Granite Construction by 1.1% in the first quarter. Mason Street Advisors LLC now owns 24,826 shares of the construction company’s stock valued at $1,071,000 after acquiring an additional 261 shares during the last quarter. B. Riley Financial Inc. increased its stake in Granite Construction by 4.6% in the first quarter. B. Riley Financial Inc. now owns 7,367 shares of the construction company’s stock valued at $318,000 after acquiring an additional 323 shares during the last quarter. Investors Research Corp increased its stake in Granite Construction by 4.5% in the second quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock valued at $487,000 after acquiring an additional 432 shares during the last quarter. Tompkins Financial Corp increased its stake in Granite Construction by 47.8% in the first quarter. Tompkins Financial Corp now owns 1,700 shares of the construction company’s stock valued at $73,000 after acquiring an additional 550 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Granite Construction by 9.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,482 shares of the construction company’s stock valued at $302,000 after acquiring an additional 669 shares during the last quarter. 98.59% of the stock is currently owned by hedge funds and other institutional investors.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Granite Construction (NYSE:GVA)

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