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Granite Construction (NYSE:GVA) Lowered to "Hold" at ValuEngine

Last updated on Friday, July 3, 2020 | 2020 MarketBeat

Granite Construction (NYSE:GVA) was downgraded by stock analysts at ValuEngine from a "buy" rating to a "hold" rating in a research note issued on Friday, ValuEngine reports.

GVA has been the subject of several other reports. Goldman Sachs Group cut their price target on Granite Construction from $26.00 to $10.00 and set a "sell" rating for the company in a report on Thursday, March 19th. DA Davidson boosted their price target on Granite Construction from $17.00 to $30.00 and gave the company a "neutral" rating in a report on Thursday, June 25th. Zacks Investment Research downgraded Granite Construction from a "hold" rating to a "strong sell" rating in a report on Wednesday. Finally, B. Riley dropped their price objective on Granite Construction from $23.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, March 17th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Granite Construction has an average rating of "Hold" and an average price target of $20.00.

Shares of Granite Construction stock opened at $17.94 on Friday. Granite Construction has a 1 year low of $8.90 and a 1 year high of $47.46. The company has a market capitalization of $894.63 million, a P/E ratio of -7.94 and a beta of 1.51. The business has a 50 day moving average price of $17.91 and a 200 day moving average price of $20.54.

A number of large investors have recently bought and sold shares of GVA. Capital Research Global Investors boosted its position in Granite Construction by 75.6% in the 4th quarter. Capital Research Global Investors now owns 2,265,500 shares of the construction company's stock valued at $62,686,000 after buying an additional 975,000 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of Granite Construction during the first quarter worth about $6,836,000. Frontier Capital Management Co. LLC lifted its position in shares of Granite Construction by 82.0% during the first quarter. Frontier Capital Management Co. LLC now owns 700,986 shares of the construction company's stock worth $10,641,000 after purchasing an additional 315,896 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Granite Construction by 44.3% during the fourth quarter. Bank of America Corp DE now owns 862,143 shares of the construction company's stock worth $23,855,000 after purchasing an additional 264,661 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Granite Construction during the fourth quarter worth about $5,775,000.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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