Granite Construction (GVA) Price Target Raised to $85.00

Granite Construction (NYSE:GVA) had its price target boosted by analysts at Cowen from $70.00 to $85.00 in a research note issued on Thursday. The firm presently has an “outperform” rating on the construction company’s stock. Cowen’s target price would indicate a potential upside of 25.67% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Tuesday, January 9th. B. Riley reissued a “buy” rating on shares of Granite Construction in a research report on Wednesday, November 1st. Canaccord Genuity increased their price objective on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, October 30th. DA Davidson reaffirmed a “hold” rating and set a $65.00 target price on shares of Granite Construction in a research report on Monday, October 30th. Finally, Seaport Global Securities lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 target price on the stock. in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $69.00.

Shares of Granite Construction (NYSE GVA) opened at $67.64 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.00. The firm has a market cap of $2,634.53, a PE ratio of 51.25, a P/E/G ratio of 2.93 and a beta of 1.25.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The company had revenue of $957.10 million for the quarter, compared to analyst estimates of $905.14 million. During the same period in the prior year, the company posted $0.92 EPS. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. equities research analysts predict that Granite Construction will post 1.56 earnings per share for the current fiscal year.

In other news, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the transaction, the director now directly owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William Howard Powell sold 3,103 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $63.85, for a total transaction of $198,126.55. Following the transaction, the director now directly owns 46,771 shares in the company, valued at $2,986,328.35. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Large investors have recently modified their holdings of the company. Fieldpoint Private Securities LLC bought a new position in shares of Granite Construction during the third quarter valued at approximately $106,000. Advisor Group Inc. boosted its stake in shares of Granite Construction by 169.1% during the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after purchasing an additional 1,170 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after purchasing an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Riverhead Capital Management LLC boosted its stake in shares of Granite Construction by 65.0% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,430 shares in the last quarter.

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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.

Analyst Recommendations for Granite Construction (NYSE:GVA)

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