Granite Construction (GVA) Raised to “Buy” at Zacks Investment Research

Granite Construction (NYSE:GVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $72.00 price target on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.37% from the company’s current price.

According to Zacks, “Granite Construction Inc. is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honoured as one of the World’s Most Ethical Companies by Ethisphere Institute for eight consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. “

Other equities analysts have also recently issued reports about the company. B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Canaccord Genuity raised their target price on Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, October 30th. DA Davidson reaffirmed a “hold” rating and issued a $65.00 target price on shares of Granite Construction in a report on Monday, October 30th. Cowen reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a report on Tuesday, September 19th. Finally, FBR & Co reissued a “buy” rating and set a $68.00 price target on shares of Granite Construction in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. Granite Construction currently has a consensus rating of “Buy” and a consensus price target of $67.13.

Shares of Granite Construction (GVA) traded up $2.81 during trading on Tuesday, reaching $67.06. The company had a trading volume of 252,446 shares, compared to its average volume of 173,631. Granite Construction has a one year low of $45.14 and a one year high of $67.39. The company has a market cap of $2,670.00, a PE ratio of 51.19, a P/E/G ratio of 2.84 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 announced its earnings results on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The company had revenue of $957.10 million for the quarter, compared to analysts’ expectations of $905.14 million. During the same period last year, the firm earned $0.92 EPS. Granite Construction’s revenue for the quarter was up 19.1% compared to the same quarter last year. equities research analysts anticipate that Granite Construction will post 1.56 EPS for the current fiscal year.

In other news, Director William Howard Powell sold 3,103 shares of Granite Construction stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $63.85, for a total value of $198,126.55. Following the sale, the director now directly owns 46,771 shares of the company’s stock, valued at $2,986,328.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Claes Bjork sold 1,264 shares of Granite Construction 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 completion of the sale, the director now directly 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 owned by company insiders.

Hedge funds have recently modified their holdings of the company. Fieldpoint Private Securities LLC bought a new stake in shares of Granite Construction in the third quarter worth about $106,000. Advisor Group Inc. increased its holdings in shares of Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock worth $108,000 after purchasing an additional 1,170 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after purchasing an additional 879 shares during the last quarter. 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 worth $158,000 after purchasing an additional 218 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Granite Construction by 38.3% in the second quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock worth $158,000 after purchasing an additional 909 shares during the last quarter. 99.49% of the stock is currently owned by hedge funds and other institutional investors.

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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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