Granite Construction (GVA) Given a $59.00 Price Target by MKM Partners Analysts

Granite Construction (NYSE:GVA) has been assigned a $59.00 target price by MKM Partners in a research report issued on Wednesday, The Fly reports. The firm presently has a “buy” rating on the construction company’s stock. MKM Partners’ price objective indicates a potential upside of 11.03% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. DA Davidson set a $60.00 price objective on shares of Granite Construction and gave the stock a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and issued a $65.00 price objective (down previously from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a report on Wednesday, October 10th. Finally, ValuEngine raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a report on Saturday, October 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $66.20.

GVA stock traded down $0.71 during trading on Wednesday, hitting $53.14. The company had a trading volume of 5,028 shares, compared to its average volume of 656,168. The company has a market capitalization of $2.33 billion, a P/E ratio of 32.62, a PEG ratio of 2.38 and a beta of 1.07. Granite Construction has a fifty-two week low of $39.51 and a fifty-two week high of $68.58. The company has a quick ratio of 1.73, a current ratio of 1.84 and a debt-to-equity ratio of 0.23.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.18. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.14 earnings per share. Equities analysts anticipate that Granite Construction will post 2.99 EPS for the current year.

In other Granite Construction news, Director Claes Bjork purchased 6,500 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was bought at an average cost of $44.25 per share, with a total value of $287,625.00. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of GVA. BlackRock Inc. raised its holdings in Granite Construction by 18.0% during the 2nd quarter. BlackRock Inc. now owns 4,908,757 shares of the construction company’s stock worth $273,220,000 after buying an additional 747,059 shares during the period. Wynnefield Capital Inc. acquired a new stake in Granite Construction during the 2nd quarter worth about $26,057,000. Royce & Associates LP raised its holdings in Granite Construction by 535.8% during the 2nd quarter. Royce & Associates LP now owns 534,110 shares of the construction company’s stock worth $29,729,000 after buying an additional 450,110 shares during the period. Victory Capital Management Inc. raised its holdings in Granite Construction by 40.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,292,287 shares of the construction company’s stock worth $59,057,000 after buying an additional 369,850 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Granite Construction by 10.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,526,736 shares of the construction company’s stock valued at $140,637,000 after purchasing an additional 236,137 shares during the period. Hedge funds and other institutional investors own 96.72% of the company’s stock.

About Granite Construction

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.

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