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.
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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