Granite Construction (NYSE:GVA) Lowered to Hold at ValuEngine

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Granite Construction (NYSE:GVA) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, ValuEngine reports.

Other equities research analysts have also issued reports about the stock. Goldman Sachs Group lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $50.00 to $31.00 in a research report on Wednesday. B. Riley lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $53.00 to $41.00 in a research report on Tuesday, July 30th. Finally, Zacks Investment Research lowered shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Hold” and a consensus target price of $51.60.

Shares of NYSE GVA opened at $29.60 on Thursday. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 12.65, a P/E/G ratio of 2.39 and a beta of 1.30. Granite Construction has a one year low of $28.83 and a one year high of $58.93. The stock’s fifty day moving average is $42.60. The company has a quick ratio of 1.97, a current ratio of 2.12 and a debt-to-equity ratio of 0.24.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, August 2nd. The construction company reported ($1.83) EPS for the quarter, topping the consensus estimate of ($2.04) by $0.21. The company had revenue of $789.54 million for the quarter, compared to analyst estimates of $789.73 million. Granite Construction had a negative net margin of 2.09% and a negative return on equity of 1.53%. The business’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. As a group, equities research analysts forecast that Granite Construction will post 0.88 earnings per share for the current year.

In other Granite Construction news, Director David H. Kelsey acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average cost of $30.21 per share, for a total transaction of $151,050.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in GVA. Norges Bank acquired a new position in Granite Construction in the 4th quarter valued at about $20,605,000. Dimensional Fund Advisors LP raised its stake in Granite Construction by 6.2% in the 4th 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. SG Americas Securities LLC raised its stake in Granite Construction by 266.5% in the 1st quarter. SG Americas Securities LLC now owns 194,982 shares of the construction company’s stock valued at $8,413,000 after purchasing an additional 141,775 shares during the last quarter. Tygh Capital Management Inc. acquired a new position in Granite Construction in the 1st quarter valued at about $5,354,000. Finally, Amundi Pioneer Asset Management Inc. raised its stake in Granite Construction by 18.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 722,905 shares of the construction company’s stock valued at $31,194,000 after purchasing an additional 111,381 shares during the last quarter. Institutional investors and hedge funds own 98.53% of the company’s stock.

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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