Granite Construction’s (GVA) Buy Rating Reiterated at Canaccord Genuity
Granite Construction Incorporated (NYSE:GVA)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity in a research report issued to clients and investors on Saturday. They currently have a $70.00 price target on the construction company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 35.16% from the stock’s current price.
A number of other brokerages have also issued reports on GVA. FBR & Co lowered their price objective on shares of Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, May 3rd. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target 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 company has a 50-day moving average of $50.59 and a 200-day moving average of $50.47. The company 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 posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same quarter last year, the firm earned $0.35 EPS. The company’s revenue was up 26.2% on a year-over-year basis. On average, equities research analysts anticipate that Granite Construction will post $1.55 EPS for the current year.
In other news, Director William Howard Powell sold 3,000 shares of the firm’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 sale, the director now owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Hildebrand Roberts sold 17,442 shares of the firm’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 sale, the director now directly owns 54,594 shares in the company, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of GVA. Royal Bank of Canada raised its position in shares of Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after buying an additional 879 shares during the period. Sei Investments Co. acquired a new position in shares of Granite Construction during the first quarter worth about $119,000. Tower Research Capital LLC TRC raised its position in shares of Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after buying an additional 1,367 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after buying an additional 218 shares during the period. Finally, Riverhead Capital Management LLC raised its position in shares of Granite Construction by 65.0% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock worth $175,000 after buying an additional 1,430 shares during the period. 94.35% of the stock is currently owned by institutional investors and hedge funds.
About Granite Construction
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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