Granite Construction’s (GVA) “Buy” Rating Reaffirmed at FBR & Co
Granite Construction Incorporated (NYSE:GVA)‘s stock had its “buy” rating reiterated by investment analysts at FBR & Co in a report released on Tuesday. They presently have a $68.00 target price on the construction company’s stock. FBR & Co’s target price suggests a potential upside of 14.63% from the company’s previous close.
Several other analysts have also commented on the company. Cowen and Company reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Tuesday, September 19th. Canaccord Genuity restated a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research note on Saturday, August 26th. BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $63.67.
Granite Construction (GVA) traded down 0.94% during trading on Tuesday, reaching $58.76. The company had a trading volume of 167,876 shares. The firm’s 50 day moving average is $54.71 and its 200 day moving average is $51.02. The company has a market capitalization of $2.34 billion, a PE ratio of 53.47 and a beta of 1.17. Granite Construction has a one year low of $42.59 and a one year high of $62.18.
Granite Construction (NYSE:GVA) last posted its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.25). The firm had revenue of $762.90 million for the quarter, compared to analysts’ expectations of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 EPS. On average, equities research analysts predict that Granite Construction will post $1.49 earnings per share for the current year.
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In other news, insider James D. Richards sold 4,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.
Large investors have recently bought and sold shares of the business. Great West Life Assurance Co. Can grew its position in Granite Construction by 3.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,036 shares of the construction company’s stock worth $1,206,000 after purchasing an additional 737 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of Granite Construction by 41.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 23,378 shares of the construction company’s stock valued at $1,173,000 after buying an additional 6,802 shares during the period. Karp Capital Management Corp acquired a new position in shares of Granite Construction in the 1st quarter valued at about $523,000. Sei Investments Co. acquired a new position in shares of Granite Construction in the 1st quarter valued at about $119,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Granite Construction by 88.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 107,721 shares of the construction company’s stock valued at $5,407,000 after buying an additional 50,605 shares during the period. 98.55% of the stock is currently owned by institutional investors.
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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