Granite Construction Inc. (GVA) Rating Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research cut shares of Granite Construction Inc. (NYSE:GVA) from a hold rating to a strong sell rating in a report issued on Friday, April 14th.

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. “

Other equities analysts have also recently issued reports about the company. Goldman Sachs Group Inc raised Granite Construction from a neutral rating to a buy rating and lifted their price objective for the company from $50.19 to $61.00 in a report on Monday, April 3rd. Griffin Securities reaffirmed a buy rating on shares of Granite Construction in a report on Friday, March 10th. Cowen and Company reissued an outperform rating and set a $70.00 price target on shares of Granite Construction in a report on Thursday, March 30th. DA Davidson reissued a neutral rating on shares of Granite Construction in a report on Monday, February 13th. Finally, Canaccord Genuity assumed coverage on Granite Construction in a report on Tuesday, January 10th. They set a buy rating and a $70.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Granite Construction has an average rating of Buy and an average target price of $61.25.

Shares of Granite Construction (NYSE:GVA) traded up 2.05% on Friday, hitting $47.20. The company had a trading volume of 210,249 shares. The company has a market capitalization of $1.88 billion, a P/E ratio of 43.62 and a beta of 1.47. The firm has a 50-day moving average price of $51.31 and a 200 day moving average price of $53.78. Granite Construction has a 12-month low of $40.25 and a 12-month high of $62.18.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Tuesday, May 2nd. The construction company reported ($0.60) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.35. The company had revenue of $468.40 million during the quarter, compared to analyst estimates of $458.65 million. Granite Construction had a net margin of 2.77% and a return on equity of 7.85%. Granite Construction’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.26) earnings per share. Equities analysts expect that Granite Construction will post $1.82 EPS for the current year.

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In other Granite Construction news, insider Laurel J. Krzeminski sold 3,174 shares of the company’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $50.11, for a total value of $159,049.14. Following the sale, the insider now owns 54,854 shares in the company, valued at approximately $2,748,733.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Liberty Mutual Group Asset Management Inc. raised its stake in shares of Granite Construction by 0.7% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 17,930 shares of the construction company’s stock valued at $900,000 after buying an additional 130 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Granite Construction by 5.5% in the third quarter. LS Investment Advisors LLC now owns 2,589 shares of the construction company’s stock valued at $129,000 after buying an additional 136 shares during the last quarter. Advantus Capital Management Inc raised its stake in shares of Granite Construction by 3.1% in the first quarter. Advantus Capital Management Inc now owns 5,073 shares of the construction company’s stock valued at $255,000 after buying an additional 151 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Granite Construction by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,000 shares of the construction company’s stock valued at $502,000 after buying an additional 200 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Granite Construction by 1.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 13,839 shares of the construction company’s stock valued at $695,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 90.76% 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.

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