Granite Construction Inc. (GVA) Given Consensus Rating of “Buy” by Brokerages
Granite Construction Inc. (NYSE:GVA) has received a consensus rating of “Buy” from the ten brokerages that are covering the stock. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $62.71.
A number of research firms have recently commented on GVA. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. Goldman Sachs Group Inc upgraded Granite Construction from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $50.19 to $61.00 in a report on Monday, April 3rd. Canaccord Genuity restated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Wednesday, May 3rd. FBR & Co dropped their price objective on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, May 3rd. Finally, Griffin Securities restated a “buy” rating on shares of Granite Construction in a report on Friday, March 10th.
In related news, insider Laurel J. Krzeminski sold 3,174 shares of the company’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $50.11, for a total transaction of $159,049.14. Following the completion of the sale, the insider now directly owns 54,854 shares of the company’s stock, valued at approximately $2,748,733.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Tyers Asset Management LLC acquired a new stake in shares of Granite Construction during the fourth quarter worth $108,000. Sei Investments Co. acquired a new stake in shares of Granite Construction during the first quarter worth $119,000. Tower Research Capital LLC TRC boosted its stake 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. Flinton Capital Management LLC acquired a new stake in shares of Granite Construction during the fourth quarter worth $131,000. Finally, Pacad Investment Ltd. acquired a new stake in shares of Granite Construction during the fourth quarter worth $154,000. 90.76% of the stock is owned by hedge funds and other institutional investors.
Granite Construction (NYSE:GVA) opened at 46.27 on Tuesday. The stock’s 50 day moving average price is $51.11 and its 200 day moving average price is $53.86. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 42.76 and a beta of 1.47. Granite Construction has a 52-week low of $40.70 and a 52-week high of $62.18.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, May 2nd. The construction company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.35. The firm had revenue of $468.40 million for the quarter, compared to analyst estimates of $458.65 million. Granite Construction had a return on equity of 7.85% and a net margin of 2.77%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.26) earnings per share. On average, analysts forecast that Granite Construction will post $1.82 EPS for the current year.
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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