Granite Construction Inc. (GVA) Given Average Recommendation of “Buy” by Brokerages

Granite Construction Inc. (NYSE:GVA) has been given an average recommendation of “Buy” by the seven ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $67.25.

A number of equities research analysts have recently issued reports on GVA shares. TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. DA Davidson set a $60.00 price target 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. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a report on Wednesday, August 1st. ValuEngine raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a report on Saturday, October 27th. Finally, MKM Partners set a $55.00 price target on shares of Granite Construction and gave the stock a “buy” rating in a report on Tuesday, October 30th.

Shares of Granite Construction stock opened at $51.38 on Monday. Granite Construction has a 12-month low of $39.51 and a 12-month high of $68.58. The stock has a market capitalization of $2.41 billion, a PE ratio of 31.72, a PEG ratio of 2.46 and a beta of 1.07. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23.

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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Federated Investors Inc. PA raised its stake in Granite Construction by 152.0% in the second quarter. Federated Investors Inc. PA now owns 72,546 shares of the construction company’s stock valued at $4,038,000 after purchasing an additional 43,756 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its stake in Granite Construction by 15.3% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock valued at $504,000 after purchasing an additional 1,204 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Granite Construction in the second quarter valued at approximately $245,000. State of New Jersey Common Pension Fund D raised its stake in Granite Construction by 47.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 390,000 shares of the construction company’s stock valued at $17,823,000 after purchasing an additional 125,000 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Granite Construction by 17.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 18,042 shares of the construction company’s stock valued at $825,000 after purchasing an additional 2,624 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Granite Construction Company Profile

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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