Granite Construction Incorporated (NYSE:GVA) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Thursday.
Several other equities research analysts have also weighed in on GVA. Cowen and Company reiterated an “outperform” rating and issued a $70.00 price objective on shares of Granite Construction in a research note on Thursday, March 30th. Zacks Investment Research upgraded Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research note on Wednesday, May 3rd. FBR & Co lowered their price objective on Granite Construction from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 3rd. Finally, Goldman Sachs Group, Inc. (The) upgraded Granite Construction from a “neutral” rating to a “buy” rating and upped their price objective for the company from $50.19 to $61.00 in a research note on Monday, April 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Granite Construction presently has an average rating of “Buy” and an average target price of $61.25.
Granite Construction (NYSE GVA) traded down 3.31% on Thursday, reaching $47.37. The company’s stock had a trading volume of 535,733 shares. The stock’s 50 day moving average is $49.14 and its 200-day moving average is $51.06. Granite Construction has a 52 week low of $42.59 and a 52 week high of $62.18. The firm has a market capitalization of $1.89 billion, a PE ratio of 43.78 and a beta of 1.20.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, May 2nd. The construction company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.25) by $0.35. Granite Construction had a net margin of 1.71% and a return on equity of 4.85%. The company had revenue of $468.40 million during the quarter, compared to the consensus estimate of $458.65 million. During the same quarter in the prior year, the company posted ($0.26) earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Analysts predict that Granite Construction will post $1.81 EPS for the current year.
TRADEMARK VIOLATION NOTICE: “Granite Construction Incorporated (NYSE:GVA) Downgraded by BidaskClub” was originally reported by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this article on another publication, it was illegally copied and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at https://stocknewstimes.com/2017/07/29/granite-construction-incorporated-nysegva-downgraded-by-bidaskclub.html.
In other news, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $50.34, for a total value of $878,030.28. Following the transaction, the director now directly owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the transaction, the director now directly owns 49,858 shares in the company, valued at $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in GVA. Sei Investments Co. acquired a new position in shares of Granite Construction during the first quarter valued at approximately $119,000. Tower Research Capital LLC TRC increased its position in shares of Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock valued at $130,000 after buying an additional 1,367 shares during the last quarter. Auxier Asset Management acquired a new position in shares of Granite Construction during the fourth quarter valued at approximately $203,000. LS Investment Advisors LLC increased its position in shares of Granite Construction by 44.0% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock valued at $200,000 after buying an additional 1,215 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Granite Construction during the first quarter valued at approximately $216,000. 93.80% of the stock is currently owned by institutional investors and hedge funds.
Granite Construction Company Profile
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.
Receive News & Ratings for Granite Construction Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.
