Granite Construction (NYSE:GVA) was upgraded by equities researchers at ValuEngine from a “strong sell” rating to a “sell” rating in a report released on Saturday.
Several other analysts also recently weighed in on GVA. TheStreet downgraded Granite Construction from a “b” rating to a “c+” rating in a research report on Monday, August 13th. Zacks Investment Research downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Canaccord Genuity restated a “buy” rating and set a $65.00 price objective (down from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $70.80.
Shares of GVA stock opened at $45.22 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.53 and a debt-to-equity ratio of 0.22. Granite Construction has a twelve month low of $39.51 and a twelve month high of $68.58. The firm has a market cap of $1.87 billion, a P/E ratio of 27.91, a price-to-earnings-growth ratio of 2.21 and a beta of 1.21.
In other news, Director Claes Bjork bought 6,500 shares of the stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $44.25 per share, with a total value of $287,625.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of GVA. Commonwealth Equity Services LLC acquired a new position in Granite Construction in the 1st quarter worth about $240,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in Granite Construction in the 2nd quarter worth about $245,000. LPL Financial LLC acquired a new position in Granite Construction in the 1st quarter worth about $270,000. Carnick & Kubik Group LLC acquired a new position in Granite Construction in the 3rd quarter worth about $283,000. Finally, Sei Investments Co. increased its holdings in Granite Construction by 40.0% in the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock worth $284,000 after purchasing an additional 1,460 shares in the last quarter. 95.87% of the stock is owned by institutional investors and hedge funds.
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.
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