Granite Construction (NYSE:GVA) PT was reduced to $28.00.
According to Benzinga, in a research note distributed to investors on Friday, Goldman Sachs Group lowered the price target for Granite Construction (NYSE: GVA) from $32.00 to $28.00. The note related to the shares of the company. At present, the brokerage company has recommended that shareholders of the construction company sell their shares in the company. However, based on the current stock price and the target price given by the Goldman Sachs group, there is a chance that the price will rise by 0.61%.
On Wednesday, a new report on Granite Construction was published on StockNews.com. This was a separate development from the previous one. They recommended that shareholders “keep” their shares in the company.
When trading began on Friday, the price of a GVA share was set at $27.83. The company’s simple moving average over the past 50 days is $29.13 and the company’s simple moving average over the past 200 days is $30.16. The company’s market cap is estimated at $1.23 billion, its PE ratio is 50.60, and its beta is currently 1.32. These figures are presented in the form of ratios: the debt ratio is 0.31, the current ratio is 1.60 and the quick ratio is 1.52; the debt ratio is 0.31. Over the past year, the price of Granite Construction has fluctuated between $25.35 and $43.98 at various times. The current price is $25.35.
On Thursday, July 28, Granite Construction (NYSE: GVA) announced the release of its latest quarterly earnings report to the public. The construction company’s quarterly report showed earnings of $0.38 per share, $0.13 below the average expectation of $0.51 per share. The company’s revenue during the period in question was calculated at $768.29 million. Granite Construction delivered an impressive performance, as evidenced by the company’s profit margin of 0.85% and return on equity of 5.06%. According to projections made by financial experts, Granite Construction is expected to generate earnings of $1.80 per share according to projections made by financial experts.
These investors recently updated how some hedge funds and other types of institutional investors are currently investing their money in GVA. Bank of Montreal increased its holdings of Granite Construction shares by 128.5% during the second quarter. After buying an additional 1,226,962 shares of the construction company last quarter, Bank of Montreal can now hold a total of 2,180,801 shares of the company, worth $71,574,000. These shares were acquired during the last quarter. The percentage of Granite Construction shares held by State Street Corporation rose 8.6% in the first quarter after the company’s investment increased. State Street Corp now owns 1,741,813 shares of the construction company, valued at $57,345,000 following the acquisition of 137,352 additional shares in the last quarter. During the second quarter, William Blair Investment Management LLC purchased an additional 12.3% shares of Granite Construction, bringing the total number of such shares it held to 45%. Shares of the construction company are now included in the portfolio of William Blair Investment Management LLC for a total of 1,016,161 shares, thanks to the acquisition of 111,082 additional shares during the last quarter. A value of $29,611,000 is attached to these shares. The Healthcare of Ontario Pension Plan Trust Fund increased the percentage ownership interest it held in Granite Construction to 89.0% in the first three months of 2018. The Healthcare of Ontario Pension Plan Trust Fund now holds a total of 170,500 shares of the construction company, which are currently valued at $5,592,000 following the purchase of 80,300 additional shares in the most recent quarter. This brings the total number of shares in the fund to 170,500. And finally, in the first three months of this year, Bernzott Capital Advisors increased the amount of Granite Construction shares held to 11.5%, bringing the total percentage 100% owned by Bernzott Capital Advisors. After creating an additional 79,472 shares of the construction company’s stock in the last fiscal quarter, Bernzott Capital Advisors now has a total of 773,425 shares of its stock in its portfolio. The current market value of these shares is $25,368,000. The stock is owned by hedge funds and other institutional investors, who collectively represent 99.88% of the stock’s total value.
Granite Construction Incorporated is a United States-based company and is engaged in the production of building materials and the construction of infrastructure. It is active in not one but two distinct markets, namely the construction and building materials markets. The construction industry is in charge of a wide variety of projects including the development of public roads, bridges, train lines, airports, seaports, dams, reservoirs, aqueducts and dams, as well as the construction of dams.