Granite Construction Incorporated (NYSE:GVA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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 equities analysts also recently commented on GVA. Seaport Global Securities downgraded shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Wednesday, October 11th. FBR & Co reaffirmed a “buy” rating and set a $68.00 price objective on shares of Granite Construction in a report on Tuesday, October 3rd. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Tuesday, August 1st. Cowen and Company reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Tuesday, September 19th. Finally, BidaskClub downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $63.88.

Shares of Granite Construction (NYSE:GVA) traded down 0.29% during midday trading on Tuesday, hitting $58.38. 213,722 shares of the company were exchanged. Granite Construction has a one year low of $42.59 and a one year high of $62.18. The stock has a market cap of $2.33 billion, a PE ratio of 53.12 and a beta of 1.17. The stock’s 50-day moving average is $57.05 and its 200-day moving average is $51.77.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.25). The business had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. Granite Construction’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. Equities research analysts anticipate that Granite Construction will post $1.49 EPS for the current year.

TRADEMARK VIOLATION NOTICE: This news story was first posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was stolen and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/10/17/zacks-investment-research-downgrades-granite-construction-incorporated-gva-to-hold.html.

In related news, insider James D. Richards sold 4,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Granite Construction by 56.3% during the 2nd quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after purchasing an additional 879 shares in the last quarter. Sei Investments Co. acquired a new stake in shares of Granite Construction during the 1st quarter worth about $119,000. Tower Research Capital LLC TRC increased its position in shares of Granite Construction by 111.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after purchasing an additional 1,367 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Granite Construction by 7.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its position in shares of Granite Construction by 65.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,430 shares in the last quarter. Institutional investors and hedge funds own 97.93% of the company’s stock.

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.

Get a free copy of the Zacks research report on Granite Construction (GVA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Granite Construction (NYSE:GVA)

Receive News & Ratings for Granite Construction Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.