The stock of Granite Construction Inc. (NYSE:GVA) hit a new 52-week high and has $63.66 target or 4.00% above today’s $61.21 share price. The 7 months bullish chart indicates low risk for the $2.49 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $63.66 price target is reached, the company will be worth $99.60 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 155,382 shares traded hands. Granite Construction Inc. (NYSE:GVA) has risen 28.88% since April 21, 2016 and is uptrending. It has outperformed by 23.55% the S&P500.
Analysts await Granite Construction Inc. (NYSE:GVA) to report earnings on February, 23. They expect $0.53 EPS, down 26.39% or $0.19 from last year’s $0.72 per share. GVA’s profit will be $21.56M for 28.87 P/E if the $0.53 EPS becomes a reality. After $0.92 actual EPS reported by Granite Construction Inc. for the previous quarter, Wall Street now forecasts -42.39% negative EPS growth.
Granite Construction Inc. (NYSE:GVA) Ratings Coverage
Out of 5 analysts covering Granite Constr (NYSE:GVA), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Granite Constr has been the topic of 8 analyst reports since November 24, 2015 according to StockzIntelligence Inc. The company was initiated on Thursday, April 14 by Cowen & Co. The firm earned “Outperform” rating on Tuesday, August 2 by FBR Capital. On Tuesday, November 24 the stock rating was initiated by Maxim Group with “Buy”. The stock of Granite Construction Inc. (NYSE:GVA) has “Outperform” rating given on Friday, December 11 by FBR Capital. Stifel Nicolaus initiated Granite Construction Inc. (NYSE:GVA) on Wednesday, December 9 with “Buy” rating. M Partners maintained Granite Construction Inc. (NYSE:GVA) on Tuesday, August 2 with “Buy” rating. The stock has “Outperform” rating given by Cowen & Co on Wednesday, December 2. The stock has “Buy” rating given by M Partners on Wednesday, June 29.
According to Zacks Investment Research, “Granite Construction, Inc. is a diversified heavy civil constractor and construction materials producer. The Company concentrates on ifrastructure projects including roads, bridges, dams, tunnels, canals and rapid transit facilities. The Company also manufactures asphalt, concrete base rock and other construction materials. The Company has offices in Arizona, Nevada, Utah, Texas, Georgia and California.”
Insitutional Activity: The institutional sentiment decreased to 0.96 in 2016 Q2. Its down 0.34, from 1.3 in 2016Q1. The ratio fall, as 14 funds sold all Granite Construction Inc. shares owned while 62 reduced positions. 28 funds bought stakes while 71 increased positions. They now own 35.44 million shares or 2.55% less from 36.36 million shares in 2016Q1.
Moreover, Ls Inv Lc has 0.01% invested in Granite Construction Inc. (NYSE:GVA) for 2,453 shares. Zurcher Kantonalbank (Zurich Cantonalbank) holds 0% of its portfolio in Granite Construction Inc. (NYSE:GVA) for 941 shares. Cupps Management Limited Com has invested 0.78% of its portfolio in Granite Construction Inc. (NYSE:GVA). State Bank Of New York Mellon has invested 0.02% of its portfolio in Granite Construction Inc. (NYSE:GVA). Moreover, Ladenburg Thalmann Fincl Services has 0% invested in Granite Construction Inc. (NYSE:GVA) for 2,640 shares. Blackrock Group Limited, a United Kingdom-based fund reported 30,316 shares. Hightower Ltd Llc holds 199,761 shares or 0.12% of its portfolio. Vanguard Group Incorporated reported 2.88M shares or 0.01% of all its holdings. Ameriprise Inc holds 715,555 shares or 0.02% of its portfolio. First Republic Invest Management Inc accumulated 0% or 4,439 shares. California Pub Employees Retirement Systems accumulated 0.01% or 94,300 shares. Amer Grp Inc accumulated 0% or 98,092 shares. Liberty Mutual Group Inc Asset Mgmt Inc has 0.03% invested in the company for 17,126 shares. Victory Cap Management accumulated 0.14% or 769,517 shares. Dimensional Fund Limited Partnership holds 0.07% or 2.67 million shares in its portfolio.
Insider Transactions: Since May 25, 2016, the stock had 0 insider purchases, and 7 selling transactions for $2.01 million net activity. The insider Roberts James Hildebrand sold 10,000 shares worth $423,311. The insider KELSEY DAVID H sold $56,867. On Friday, June 3 DOREY WILLIAM GLENWOOD sold $647,700 worth of the stock or 15,000 shares. 5,000 Granite Construction Inc. (NYSE:GVA) shares with value of $290,315 were sold by Donnino Michael Francis.
More news for Granite Construction Inc. (NYSE:GVA) were recently published by: Marketwatch.com, which released: “/quotes/zigman/3870025/realtime” on January 18, 2011. Fool.com‘s article titled: “Granite Construction Inc. Poised to Benefit From FAST Act” and published on January 14, 2016 is yet another important article.
GVA Company Profile
Granite Construction Incorporated, incorporated on January 24, 1990, is a heavy civil contractor and construction materials producer in the United States. The Firm operates through three divisions: Construction, Large Project Construction and Construction Materials. The Firm operates across the nation, serving both public and private sector clients. Within the public sector, it concentrates on heavy-civil infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, trenchless and underground utilities, power-related facilities, water and wastewater facilities, utilities, tunnels, dams and other infrastructure-related projects. Within the private sector, the Company offers site preparation and infrastructure services for residential development, energy development, commercial and industrial sites, and other facilities, as well as provides construction management professional services.
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