Granite Construction (GVA) Rating Increased to Buy at DA Davidson

Granite Construction (NYSE:GVA) was upgraded by investment analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Thursday, April 5th, MarketBeat reports.

A number of other equities analysts have also recently issued reports on the company. Zacks Investment Research cut Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Cowen increased their target price on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Finally, ValuEngine cut Granite Construction from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $72.00.

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Granite Construction stock opened at $55.09 on Thursday. Granite Construction has a 52 week low of $45.14 and a 52 week high of $68.58. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.88 and a quick ratio of 1.78. The stock has a market cap of $2,197.56, a P/E ratio of 34.01, a price-to-earnings-growth ratio of 2.46 and a beta of 1.32.

Granite Construction (NYSE:GVA) last posted its earnings results on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The business had revenue of $801.30 million during the quarter, compared to analysts’ expectations of $753.83 million. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. equities research analysts predict that Granite Construction will post 3.2 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fieldpoint Private Securities LLC bought a new position in Granite Construction during the 3rd quarter valued at approximately $106,000. Global X Management Co. LLC raised its position in Granite Construction by 75.2% during the 4th quarter. Global X Management Co. LLC now owns 2,760 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,185 shares during the last quarter. Advisor Group Inc. raised its position in Granite Construction by 65.3% during the 4th quarter. Advisor Group Inc. now owns 3,077 shares of the construction company’s stock valued at $195,000 after purchasing an additional 1,215 shares during the last quarter. Tocqueville Asset Management L.P. bought a new position in Granite Construction during the 4th quarter valued at approximately $203,000. Finally, Investment House LLC bought a new position in Granite Construction during the 4th quarter valued at approximately $214,000. 96.06% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Granite Construction (NYSE:GVA)

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