Granite Construction Incorporated (NYSE:GVA) was downgraded by research analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday. They presently have a $64.00 target price on the construction company’s stock. Seaport Global Securities’ price objective indicates a potential upside of 8.04% from the company’s previous close.

A number of other research firms also recently weighed in on GVA. FBR & Co reaffirmed a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a research note on Tuesday, October 3rd. 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. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a research note on Tuesday, August 1st. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $63.71.

Granite Construction (NYSE GVA) traded down 3.09% during midday trading on Wednesday, reaching $57.41. The company’s stock had a trading volume of 52,715 shares. The stock’s 50-day moving average price is $56.17 and its 200-day moving average price is $51.53. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 52.24 and a beta of 1.17. Granite Construction has a 12 month low of $42.59 and a 12 month high of $62.18.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results 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 return on equity of 4.80% and a net margin of 1.61%. The company had revenue of $762.90 million during the quarter, compared to analyst estimates of $684.32 million. During the same period last year, the company posted $0.35 earnings per share. The company’s revenue was up 26.2% compared to the same quarter last year. Analysts predict that Granite Construction will post $1.49 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 shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

A number of institutional investors have recently bought and sold shares of GVA. Royal Bank of Canada increased its position in Granite Construction by 56.3% during 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 last quarter. Sei Investments Co. acquired a new position in Granite Construction during the first quarter worth $119,000. Tower Research Capital LLC TRC increased its position in Granite Construction by 111.1% during 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 last quarter. Public Employees Retirement System of Ohio increased its position in Granite Construction by 7.1% during 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 last quarter. Finally, Riverhead Capital Management LLC increased its position in Granite Construction by 65.0% during 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 last quarter. 98.53% of the stock is currently owned by hedge funds and other 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.

Analyst Recommendations for Granite Construction (NYSE:GVA)

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