Canaccord Genuity Boosts Granite Construction Incorporated (GVA) Price Target to $75.00

Granite Construction Incorporated (NYSE:GVA) had its price target raised by Canaccord Genuity from $70.00 to $75.00 in a research note issued to investors on Monday. The firm currently has a “buy” rating on the construction company’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 18.76% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. FBR & Co reissued a “buy” rating and set a $68.00 price target on shares of Granite Construction in a research report on Tuesday, October 3rd. Cowen and Company reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Tuesday, September 19th. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Friday, October 13th. DA Davidson reissued a “neutral” rating and set a $65.00 price target on shares of Granite Construction in a research report on Monday. Finally, Seaport Global Securities downgraded shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target for the company. in a research report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $66.25.

Granite Construction (NYSE:GVA) traded up 0.73% during trading on Monday, reaching $63.61. The company’s stock had a trading volume of 313,910 shares. The firm has a market cap of $2.53 billion, a PE ratio of 57.88 and a beta of 1.17. Granite Construction has a one year low of $43.00 and a one year high of $64.92. The company has a 50-day moving average of $58.01 and a 200 day moving average of $52.28.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.04. The company had revenue of $957.10 million during the quarter, compared to the consensus estimate of $905.14 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 earnings per share. Analysts expect that Granite Construction will post $1.51 EPS for the current fiscal year.

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

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its stake 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 acquiring an additional 879 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake 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 acquiring an additional 218 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Granite Construction by 38.3% during the 2nd quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock worth $158,000 after acquiring an additional 909 shares during the last quarter. Riverhead Capital Management LLC boosted its stake 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 acquiring an additional 1,430 shares during the last quarter. Finally, Flinton Capital Management LLC boosted its stake in shares of Granite Construction by 68.8% during the 2nd quarter. Flinton Capital Management LLC now owns 3,672 shares of the construction company’s stock worth $177,000 after acquiring an additional 1,496 shares during the last quarter. Institutional investors and hedge funds own 98.85% of the company’s stock.

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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