Granite Construction Incorporated (GVA) Rating Lowered to Neutral at Seaport Global Securities

Granite Construction Incorporated (NYSE:GVA) was downgraded by equities researchers at Seaport Global Securities from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. They presently have a $64.00 target price on the construction company’s stock. Seaport Global Securities’ price target would suggest a potential upside of 9.61% from the stock’s current price. Seaport Global Securities also issued estimates for Granite Construction’s Q3 2017 earnings at $1.09 EPS, Q4 2017 earnings at $0.65 EPS, FY2017 earnings at $1.50 EPS, Q1 2018 earnings at ($0.14) EPS, Q2 2018 earnings at $0.89 EPS, Q3 2018 earnings at $1.28 EPS, Q4 2018 earnings at $0.76 EPS, FY2018 earnings at $2.79 EPS and FY2019 earnings at $3.55 EPS.

A number of other research analysts have also recently issued reports on GVA. FBR & Co reaffirmed a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a report on Tuesday, October 3rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a report on Tuesday, August 1st. Cowen and Company reaffirmed a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a report on Tuesday, September 19th. BidaskClub cut Granite Construction from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Granite Construction currently has an average rating of “Buy” and a consensus price target of $63.71.

Granite Construction (NYSE GVA) traded up 0.19% during trading on Wednesday, hitting $58.50. 69,490 shares of the stock traded hands. The company has a 50-day moving average price of $56.67 and a 200 day moving average price of $51.63. The stock has a market cap of $2.33 billion, a PE ratio of 53.23 and a beta of 1.17. Granite Construction has a one year low of $42.59 and a one year high of $62.18.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.25). Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The business had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. During the same period in the prior year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. Analysts expect that Granite Construction will post $1.49 earnings per share for the current year.

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In related news, insider James D. Richards sold 4,000 shares of Granite Construction stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after purchasing an additional 879 shares during the period. Sei Investments Co. acquired a new stake in Granite Construction in the first quarter worth about $119,000. Tower Research Capital LLC TRC increased its position in Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after purchasing an additional 1,367 shares during the period. Public Employees Retirement System of Ohio increased its position in Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after purchasing an additional 218 shares during the period. Finally, Riverhead Capital Management LLC increased its position in Granite Construction by 65.0% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,430 shares during the period. Hedge funds and other institutional investors own 98.53% of the company’s stock.

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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