Granite Construction (NYSE:GVA) Upgraded at ValuEngine

Granite Construction (NYSE:GVA) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, June 26th, ValuEngine reports.

A number of other research firms have also recently weighed in on GVA. Goldman Sachs Group upgraded shares of Koninklijke KPN from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 29th. MKM Partners set a $61.00 price objective on shares of Granite Construction and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, B. Riley reiterated a “buy” rating on shares of Insight Enterprises in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and a consensus price target of $59.00.

Shares of GVA stock traded down $0.94 during trading hours on Wednesday, hitting $41.25. The company’s stock had a trading volume of 698,319 shares, compared to its average volume of 340,167. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.97 and a current ratio of 2.12. The stock has a 50 day simple moving average of $44.12. Granite Construction has a 12-month low of $38.55 and a 12-month high of $58.93. The stock has a market cap of $2.02 billion, a PE ratio of 17.63, a PEG ratio of 2.18 and a beta of 1.34.

Granite Construction (NYSE:GVA) last posted its earnings results on Friday, April 26th. The construction company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.35). Granite Construction had a net margin of 0.57% and a return on equity of 6.03%. The firm had revenue of $619.80 million during the quarter, compared to analyst estimates of $644.46 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts expect that Granite Construction will post 2.83 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Skyline Asset Management LP boosted its stake in Granite Construction by 7.9% during the second quarter. Skyline Asset Management LP now owns 226,600 shares of the construction company’s stock worth $10,918,000 after buying an additional 16,600 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of Granite Construction by 4.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 18,881 shares of the construction company’s stock worth $910,000 after purchasing an additional 839 shares in the last quarter. Fagan Associates Inc. lifted its position in shares of Granite Construction by 73.8% during the second quarter. Fagan Associates Inc. now owns 8,385 shares of the construction company’s stock worth $404,000 after purchasing an additional 3,560 shares in the last quarter. Tributary Capital Management LLC lifted its position in shares of Granite Construction by 15.7% during the second quarter. Tributary Capital Management LLC now owns 523,655 shares of the construction company’s stock worth $25,230,000 after purchasing an additional 70,953 shares in the last quarter. Finally, First National Bank of Omaha raised its holdings in Granite Construction by 12.1% in the second quarter. First National Bank of Omaha now owns 85,966 shares of the construction company’s stock valued at $4,142,000 after acquiring an additional 9,268 shares in the last quarter. 98.59% of the stock is owned by institutional investors.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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Analyst Recommendations for Granite Construction (NYSE:GVA)

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