Granite Construction Incorporated (GVA) Rating Reiterated by Canaccord Genuity
Granite Construction Incorporated (NYSE:GVA)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity in a report issued on Saturday. They currently have a $70.00 price objective on the construction company’s stock. Canaccord Genuity’s price target indicates a potential upside of 35.16% from the stock’s previous close.
Several other brokerages also recently commented on GVA. BidaskClub downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. FBR & Co reduced their target price on shares of Granite Construction from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Granite Construction presently has a consensus rating of “Buy” and an average target price of $63.67.
Granite Construction (GVA) opened at 51.79 on Friday. Granite Construction has a 52-week low of $42.59 and a 52-week high of $62.18. The stock’s 50 day moving average price is $50.59 and its 200 day moving average price is $50.47. The firm has a market capitalization of $2.06 billion, a PE ratio of 47.12 and a beta of 1.20.
Granite Construction (NYSE:GVA) last issued its 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. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The company had revenue of $762.90 million during the quarter, compared to analysts’ expectations of $684.32 million. During the same quarter in the prior year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, analysts predict that Granite Construction will post $1.55 EPS for the current fiscal year.
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In related news, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $49.60, for a total transaction of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares in the company, valued at approximately $2,472,956.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the transaction, the director now owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GVA. Teachers Advisors LLC raised its position in Granite Construction by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 67,679 shares of the construction company’s stock valued at $3,722,000 after buying an additional 1,702 shares during the period. Capstone Asset Management Co. raised its position in Granite Construction by 9.3% in the first quarter. Capstone Asset Management Co. now owns 5,732 shares of the construction company’s stock valued at $288,000 after buying an additional 490 shares during the period. Louisiana State Employees Retirement System raised its position in Granite Construction by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,000 shares of the construction company’s stock valued at $502,000 after buying an additional 200 shares during the period. Profund Advisors LLC raised its position in shares of Granite Construction by 3.5% in the first quarter. Profund Advisors LLC now owns 6,667 shares of the construction company’s stock worth $335,000 after buying an additional 228 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Granite Construction by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 200,746 shares of the construction company’s stock worth $10,075,000 after buying an additional 558 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.
Granite Construction Company Profile
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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