Cowen Increases Granite Construction (GVA) Price Target to $85.00

Granite Construction (NYSE:GVA) had its price target increased by research analysts at Cowen from $70.00 to $85.00 in a research note issued to investors on Thursday. The brokerage presently has an “outperform” rating on the construction company’s stock. Cowen’s target price would indicate a potential upside of 29.49% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Friday, October 13th. Canaccord Genuity increased their price target on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, October 30th. DA Davidson reiterated a “hold” rating and issued a $65.00 price target on shares of Granite Construction in a research note on Monday, October 30th. Seaport Global Securities cut Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target for the company. in a research note on Wednesday, October 11th. Finally, FBR & Co reiterated a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $69.00.

Shares of Granite Construction (GVA) traded down $0.22 during midday trading on Thursday, hitting $65.64. The company had a trading volume of 163,700 shares, compared to its average volume of 178,200. The company has a quick ratio of 1.71, a current ratio of 1.79 and a debt-to-equity ratio of 0.24. The stock has a market cap of $2,640.00, a PE ratio of 50.11, a P/E/G ratio of 2.92 and a beta of 1.25. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.00.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $957.10 million during the quarter, compared to analysts’ expectations of $905.14 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS. analysts predict that Granite Construction will post 1.56 EPS for the current year.

In other news, Director Claes Bjork sold 1,264 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the transaction, the director now directly owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Howard Powell sold 3,103 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $63.85, for a total value of $198,126.55. Following the completion of the transaction, the director now directly owns 46,771 shares in the company, valued at $2,986,328.35. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its holdings 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 valued at $158,000 after purchasing an additional 218 shares during the period. Amalgamated Bank increased its holdings in shares of Granite Construction by 4.2% in the second quarter. Amalgamated Bank now owns 5,695 shares of the construction company’s stock valued at $275,000 after purchasing an additional 232 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Granite Construction by 4.6% in the second quarter. PNC Financial Services Group Inc. now owns 5,686 shares of the construction company’s stock valued at $275,000 after purchasing an additional 251 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Granite Construction by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 87,919 shares of the construction company’s stock valued at $4,241,000 after purchasing an additional 372 shares during the period. Finally, HighTower Advisors LLC increased its holdings in shares of Granite Construction by 5.8% in the second quarter. HighTower Advisors LLC now owns 7,352 shares of the construction company’s stock valued at $354,000 after purchasing an additional 400 shares during the period.

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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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