Granite Construction (NYSE:GVA) Stock Rating Upgraded by ValuEngine

ValuEngine upgraded shares of Granite Construction (NYSE:GVA) from a hold rating to a buy rating in a research report report published on Wednesday, ValuEngine reports.

Several other analysts have also recently weighed in on the stock. TheStreet cut shares of Granite Construction from a c- rating to a d+ rating in a report on Monday, August 26th. Zacks Investment Research cut shares of Granite Construction from a hold rating to a strong sell rating in a report on Friday, August 2nd. B. Riley lowered shares of Granite Construction from a buy rating to a neutral rating and dropped their price target for the company from $53.00 to $41.00 in a research note on Tuesday, July 30th. Finally, Goldman Sachs Group lowered shares of Granite Construction from a buy rating to a neutral rating and dropped their price target for the company from $50.00 to $31.00 in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Granite Construction presently has an average rating of Hold and an average price target of $48.25.

NYSE:GVA traded up $0.63 during mid-day trading on Wednesday, hitting $33.56. The stock had a trading volume of 627,200 shares, compared to its average volume of 521,246. The stock has a 50-day simple moving average of $30.77 and a two-hundred day simple moving average of $40.96. The company has a market capitalization of $1.51 billion, a PE ratio of 14.34 and a beta of 1.34. Granite Construction has a twelve month low of $26.57 and a twelve month high of $58.93. The company has a current ratio of 1.73, a quick ratio of 1.61 and a debt-to-equity ratio of 0.29.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, August 2nd. The construction company reported ($1.83) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.04) by $0.21. The firm had revenue of $789.54 million for the quarter, compared to analysts’ expectations of $789.73 million. Granite Construction had a negative net margin of 2.09% and a negative return on equity of 1.57%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 earnings per share. Sell-side analysts predict that Granite Construction will post -0.08 EPS for the current fiscal year.

In related news, Director James Hildebrand Roberts purchased 3,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $26.85 per share, for a total transaction of $80,550.00. Following the completion of the purchase, the director now directly owns 78,184 shares of the company’s stock, valued at approximately $2,099,240.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David H. Kelsey purchased 5,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average price of $30.21 per share, for a total transaction of $151,050.00. The disclosure for this purchase can be found here. Insiders acquired 22,456 shares of company stock worth $597,443 over the last quarter. 1.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Investors Research Corp grew its position in shares of Granite Construction by 4.5% during the second quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock worth $487,000 after acquiring an additional 432 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Granite Construction by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,664,608 shares of the construction company’s stock worth $107,330,000 after acquiring an additional 156,499 shares during the last quarter. Texas Permanent School Fund grew its position in shares of Granite Construction by 3.3% during the first quarter. Texas Permanent School Fund now owns 31,698 shares of the construction company’s stock worth $1,368,000 after acquiring an additional 1,009 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its position in shares of Granite Construction by 18.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 722,905 shares of the construction company’s stock worth $31,194,000 after acquiring an additional 111,381 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new position in shares of Granite Construction during the first quarter worth approximately $1,239,000. Institutional investors and hedge funds own 99.41% of the company’s stock.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

Further Reading: Sell-Side Analysts

To view ValuEngine’s full report, visit ValuEngine’s official website.

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