B. Riley Downgrades Granite Construction (NYSE:GVA) to Neutral

Granite Construction (NYSE:GVA) was downgraded by equities research analysts at B. Riley from a “buy” rating to a “neutral” rating in a report released on Tuesday, July 30th, Marketbeat.com reports. They currently have a $41.00 price objective on the construction company’s stock, down from their previous price objective of $53.00. B. Riley’s price objective would indicate a potential upside of 45.91% from the company’s current price. B. Riley also issued estimates for Granite Construction’s Q2 2019 earnings at ($2.04) EPS, Q3 2019 earnings at $1.25 EPS, Q4 2019 earnings at $1.10 EPS, FY2019 earnings at ($0.25) EPS and FY2020 earnings at $2.23 EPS.

Several other research analysts have also recently weighed in on the stock. Goldman Sachs Group raised shares of Granite Construction from a “neutral” rating to a “buy” rating and upped their price target for the stock from $50.00 to $53.00 in a report on Wednesday, May 29th. ValuEngine cut shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Thursday, July 11th. Finally, Zacks Investment Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $48.25.

Granite Construction stock traded down $0.40 during trading on Tuesday, hitting $28.10. The stock had a trading volume of 393,857 shares, compared to its average volume of 401,608. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 12.01 and a beta of 1.30. The stock’s 50 day moving average is $37.19 and its two-hundred day moving average is $42.62. Granite Construction has a 1 year low of $26.74 and a 1 year high of $58.93. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.29.

Granite Construction (NYSE:GVA) last posted its earnings results on Friday, August 2nd. The construction company reported ($1.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.04) by $0.21. The firm had revenue of $789.54 million for the quarter, compared to the consensus estimate of $789.73 million. Granite Construction had a negative return on equity of 1.57% and a negative net margin of 2.09%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. As a group, equities research analysts anticipate that Granite Construction will post -0.08 EPS for the current fiscal year.

In related news, Director James Hildebrand Roberts acquired 2,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $55,800.00. Following the completion of the acquisition, the director now directly owns 80,184 shares of the company’s stock, valued at approximately $2,237,133.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David H. Kelsey acquired 5,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was bought at an average price of $30.21 per share, with a total value of $151,050.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 12,556 shares of company stock valued at $358,909. 1.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James & Associates boosted its position in Granite Construction by 50.0% during the fourth quarter. Raymond James & Associates now owns 13,130 shares of the construction company’s stock valued at $529,000 after purchasing an additional 4,376 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Granite Construction by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,664,608 shares of the construction company’s stock valued at $107,330,000 after purchasing an additional 156,499 shares during the last quarter. Geode Capital Management LLC boosted its position in Granite Construction by 10.9% during the fourth quarter. Geode Capital Management LLC now owns 485,411 shares of the construction company’s stock valued at $19,552,000 after purchasing an additional 47,563 shares during the last quarter. Bank of America Corp DE boosted its position in Granite Construction by 9.4% during the fourth quarter. Bank of America Corp DE now owns 533,879 shares of the construction company’s stock valued at $21,504,000 after purchasing an additional 45,928 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in Granite Construction during the fourth quarter valued at approximately $442,000. 99.35% of the stock is owned by institutional investors.

About Granite Construction

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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