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

Granite Construction (NYSE:GVA) had its price objective boosted by Cowen from $70.00 to $85.00 in a research report issued on Thursday. The brokerage presently has an “outperform” rating on the construction company’s stock. Cowen’s price objective suggests a potential upside of 25.67% from the stock’s current price.

Several other research firms also recently commented on GVA. B. Riley reissued a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Canaccord Genuity increased their price objective on shares of Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a report on Monday, October 30th. DA Davidson reissued a “hold” rating and set a $65.00 price objective on shares of Granite Construction in a report on Monday, October 30th. Finally, FBR & Co reissued a “buy” rating and set a $68.00 price objective on shares of Granite Construction in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. Granite Construction has a consensus rating of “Buy” and an average price target of $69.00.

Granite Construction (NYSE:GVA) opened at $67.64 on Thursday. Granite Construction has a 1-year low of $45.14 and a 1-year high of $68.00. The company has a market cap of $2,634.53, a PE ratio of 51.25, a price-to-earnings-growth ratio of 2.93 and a beta of 1.25. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24.

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

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised 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 valued at $158,000 after buying an additional 218 shares in the last quarter. Amalgamated Bank raised its position in shares of Granite Construction by 4.2% during the 2nd quarter. Amalgamated Bank now owns 5,695 shares of the construction company’s stock valued at $275,000 after buying an additional 232 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Granite Construction by 4.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,686 shares of the construction company’s stock valued at $275,000 after buying an additional 251 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Granite Construction by 0.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,919 shares of the construction company’s stock valued at $4,241,000 after buying an additional 372 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Granite Construction by 5.8% during the 2nd quarter. HighTower Advisors LLC now owns 7,352 shares of the construction company’s stock valued at $354,000 after buying an additional 400 shares in the last quarter.

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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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