Granite Construction Incorporated (NYSE:GVA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, October 17th.
According to Zacks, “Granite Construction, Inc. is a diversified heavy civil constractor and construction materials producer. The Company concentrates on ifrastructure projects including roads, bridges, dams, tunnels, canals and rapid transit facilities. The Company also manufactures asphalt, concrete base rock and other construction materials. The Company has offices in Arizona, Nevada, Utah, Texas, Georgia and California. “
Other analysts have also issued research reports about the company. BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. FBR & Co increased their price objective on Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Canaccord Genuity reissued a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research note on Tuesday, August 1st. Cowen and Company reissued a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research note on Tuesday, September 19th. Finally, Seaport Global Securities lowered Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target for the company. in a research note on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $67.00.
Shares of Granite Construction (NYSE GVA) traded up $1.18 on Tuesday, reaching $65.36. The company’s stock had a trading volume of 138,772 shares, compared to its average volume of 328,236. The stock has a market capitalization of $2,557.62, a price-to-earnings ratio of 49.75, a P/E/G ratio of 5.63 and a beta of 1.24. Granite Construction has a 1-year low of $45.14 and a 1-year high of $64.92. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.71 and a current ratio of 1.79.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $957.10 million during the quarter, compared to analyst estimates of $905.14 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 earnings per share. equities research analysts anticipate that Granite Construction will post 1.63 EPS for the current year.
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In other Granite Construction news, insider James D. Richards sold 4,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after purchasing an additional 3,969,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in Granite Construction by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock worth $161,802,000 after purchasing an additional 62,760 shares in the last quarter. Franklin Resources Inc. raised its holdings in Granite Construction by 80.4% in the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock worth $70,350,000 after purchasing an additional 649,831 shares in the last quarter. State Street Corp raised its holdings in Granite Construction by 4.5% in the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock worth $61,697,000 after purchasing an additional 55,202 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Granite Construction by 6.5% in the second quarter. Northern Trust Corp now owns 1,237,204 shares of the construction company’s stock worth $59,682,000 after purchasing an additional 75,265 shares in the last quarter. Institutional investors and hedge funds own 99.01% 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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