Zacks Investment Research upgraded shares of Granite Construction Incorporated (NYSE:GVA) from a hold rating to a buy rating in a research report report published on Tuesday, October 31st. They currently have $71.00 price target on the construction company’s stock.
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. “
A number of other research analysts have also issued reports on GVA. FBR & Co reissued a buy rating and set a $68.00 target price on shares of Granite Construction in a research note on Tuesday, October 3rd. Canaccord Genuity reissued a buy rating and set a $70.00 target price on shares of Granite Construction in a research note on Tuesday, August 1st. Seaport Global Securities lowered shares of Granite Construction from a buy rating to a neutral rating and set a $64.00 target price for the company. in a research note on Wednesday, October 11th. DA Davidson reaffirmed a hold rating and issued a $65.00 price target on shares of Granite Construction in a research note on Monday, October 30th. Finally, Cowen and Company reaffirmed a buy rating and issued a $70.00 price target on shares of Granite Construction in a research note on Tuesday, September 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of Buy and an average target price of $67.00.
Granite Construction (GVA) traded up $1.29 on Tuesday, hitting $63.23. 306,273 shares of the stock traded hands, compared to its average volume of 346,997. The company has a market cap of $2,519.76, a P/E ratio of 49.02, a P/E/G ratio of 5.55 and a beta of 1.24. Granite Construction has a one year low of $45.14 and a one year high of $67.20. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) 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 net margin of 1.84% and a return on equity of 5.71%. Granite Construction’s revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 EPS. sell-side analysts expect that Granite Construction will post 1.63 earnings per share for the current year.
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In related news, Director William Howard Powell sold 3,103 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $63.85, for a total transaction of $198,126.55. Following the completion of the sale, the director now directly owns 46,771 shares of the company’s stock, valued at approximately $2,986,328.35. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Greenwood Capital Associates LLC boosted its holdings in Granite Construction by 1.9% in the 2nd quarter. Greenwood Capital Associates LLC now owns 4,906 shares of the construction company’s stock valued at $237,000 after purchasing an additional 92 shares during the period. First National Bank of Omaha boosted its holdings in Granite Construction by 0.4% in the 2nd quarter. First National Bank of Omaha now owns 30,058 shares of the construction company’s stock valued at $1,450,000 after purchasing an additional 110 shares during the period. Dubuque Bank & Trust Co. raised its stake in shares of Granite Construction by 3.0% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 5,082 shares of the construction company’s stock valued at $245,000 after buying an additional 149 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of Granite Construction by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 51,331 shares of the construction company’s stock valued at $2,476,000 after buying an additional 195 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Granite Construction by 7.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after buying an additional 218 shares in the last quarter. 98.59% of the stock is owned by institutional investors and hedge funds.
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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