StockNews.com Upgrades Granite Construction (NYSE:GVA) to “Buy”

Granite Construction (NYSE:GVA – Get Rating) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group lowered their price objective on shares of Granite Construction from $32.00 to $28.00 and set a “sell” rating on the stock in a research note on Friday, October 14th. TheStreet upgraded shares of Granite Construction from a “c+” rating to a “b-” rating in a research note on Wednesday, November 9th.

Granite Construction Trading Up 4.1 %

Shares of NYSE:GVA opened at $39.10 on Friday. The company’s 50-day moving average price is $35.30 and its two-hundred day moving average price is $31.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.52 and a quick ratio of 1.44. Granite Construction has a one year low of $25.35 and a one year high of $39.20. The stock has a market capitalization of $1.71 billion, a PE ratio of 31.03 and a beta of 1.39.

Granite Construction (NYSE:GVA – Get Rating) last issued its quarterly earnings results on Thursday, October 27th. The construction company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.12 by $0.29. The firm had revenue of $1.01 billion for the quarter. Granite Construction had a net margin of 2.14% and a return on equity of 7.13%. On average, equities analysts forecast that Granite Construction will post 2.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Texas Permanent School Fund grew its stake in Granite Construction by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 32,842 shares of the construction company’s stock valued at $957,000 after buying an additional 353 shares during the last quarter. Moors & Cabot Inc. grew its stake in Granite Construction by 7.5% in the 1st quarter. Moors & Cabot Inc. now owns 7,161 shares of the construction company’s stock valued at $235,000 after buying an additional 501 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Granite Construction by 1.4% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 39,022 shares of the construction company’s stock valued at $991,000 after buying an additional 551 shares during the last quarter. Raymond James & Associates grew its position in shares of Granite Construction by 2.8% during the 3rd quarter. Raymond James & Associates now owns 20,702 shares of the construction company’s stock worth $526,000 after purchasing an additional 558 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of Granite Construction by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 132,360 shares of the construction company’s stock worth $3,857,000 after purchasing an additional 595 shares in the last quarter. Institutional investors and hedge funds own 98.77% of the company’s stock.

Granite Construction Company Profile

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Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. It operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public.