Granite Construction (NYSE:GVA) Stock Rating Lowered by Goldman Sachs Group

Goldman Sachs Group downgraded shares of Granite Construction (NYSE:GVA) from a neutral rating to a sell rating in a research report released on Monday, BenzingaRatingsTable reports. They currently have $26.00 price target on the construction company’s stock, down from their prior price target of $29.00.

Other equities research analysts have also recently issued reports about the company. ValuEngine upgraded Granite Construction from a hold rating to a buy rating in a report on Thursday, December 12th. DA Davidson cut Granite Construction from a buy rating to a neutral rating and lowered their price objective for the stock from $45.00 to $30.00 in a report on Monday, October 28th. Finally, Zacks Investment Research cut Granite Construction from a buy rating to a strong sell rating in a report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Granite Construction has an average rating of Hold and a consensus price target of $39.50.

GVA stock opened at $27.32 on Monday. The company has a current ratio of 1.76, a quick ratio of 1.65 and a debt-to-equity ratio of 0.31. Granite Construction has a 12-month low of $22.55 and a 12-month high of $49.03. The business’s 50-day moving average is $26.90 and its 200 day moving average is $31.45.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 25th. The construction company reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by ($0.98). Granite Construction had a negative return on equity of 4.63% and a negative net margin of 3.11%. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.43 earnings per share. The company’s quarterly revenue was up 3.1% on a year-over-year basis. Research analysts expect that Granite Construction will post -1.39 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.90%. The ex-dividend date was Monday, December 30th. Granite Construction’s payout ratio is 22.22%.

In other Granite Construction news, CFO Desai Jigisha bought 2,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were acquired at an average cost of $27.27 per share, with a total value of $54,540.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Claes Bjork bought 4,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was acquired at an average cost of $27.19 per share, for a total transaction of $108,760.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,900 shares of company stock worth $240,266. 1.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tompkins Financial Corp lifted its stake in Granite Construction by 35.3% in the 3rd quarter. Tompkins Financial Corp now owns 2,300 shares of the construction company’s stock worth $74,000 after purchasing an additional 600 shares in the last quarter. Quantum Capital Management purchased a new position in Granite Construction in the 3rd quarter worth approximately $89,000. River & Mercantile Asset Management LLP purchased a new position in Granite Construction in the 2nd quarter worth approximately $215,000. Essex Investment Management Co. LLC lifted its stake in Granite Construction by 65.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 7,365 shares of the construction company’s stock worth $237,000 after purchasing an additional 2,912 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Granite Construction by 103.8% in the 2nd quarter. Bank of Montreal Can now owns 7,391 shares of the construction company’s stock worth $355,000 after purchasing an additional 3,764 shares in the last quarter. 99.04% of the stock is currently owned by institutional investors and hedge funds.

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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