Price Action Report: Could Granite Construction Inc. Rise Even More? The Stock Had Another Big Increase Today

Price Action Report: Could Granite Construction Inc. Rise Even More? The Stock Had Another Big Increase Today

The stock of Granite Construction Inc. (NYSE:GVA) is a huge mover today! About 890,481 shares traded hands or 288.68% up from the average. Granite Construction Inc. (NYSE:GVA) has declined 7.13% since March 28, 2016 and is downtrending. It has underperformed by 11.84% the S&P500.
The move comes after 6 months positive chart setup for the $1.80B company. It was reported on Oct, 28 by Barchart.com. We have $58.43 PT which if reached, will make NYSE:GVA worth $468.00M more.

Analysts await Granite Construction Inc. (NYSE:GVA) to report earnings on November, 7. They expect $0.98 earnings per share, up 27.27% or $0.21 from last year’s $0.77 per share. GVA’s profit will be $38.04 million for 11.83 P/E if the $0.98 EPS becomes a reality. After $0.35 actual earnings per share reported by Granite Construction Inc. for the previous quarter, Wall Street now forecasts 180.00% 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 rating was initiated by Maxim Group on Tuesday, November 24 with “Buy”. FBR Capital upgraded Granite Construction Inc. (NYSE:GVA) rating on Friday, December 11. FBR Capital has “Outperform” rating and $48 price target. FBR Capital maintained it with “Outperform” rating and $60 target price in Tuesday, August 2 report. The company was initiated on Thursday, April 14 by Cowen & Co. The stock has “Buy” rating given by M Partners on Tuesday, August 2. On Wednesday, June 29 the stock rating was initiated by M Partners with “Buy”. Cowen & Co maintained Granite Construction Inc. (NYSE:GVA) on Wednesday, December 2 with “Outperform” rating. The stock of Granite Construction Inc. (NYSE:GVA) earned “Buy” rating by Stifel Nicolaus on Wednesday, December 9.

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 1.3 in Q2 2016. Its down 0.30, from 1.6 in 2016Q1. The ratio worsened, 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.
Tributary Management Ltd Limited Liability Company last reported 222,890 shares in the company. Blackrock Fund Advsr holds 1.94 million shares or 0.02% of its portfolio. Mutual Of America Cap Mgmt Limited Liability Company has 0.03% invested in the company for 30,338 shares. Wells Fargo Mn, a California-based fund reported 668,498 shares. Rowland Counsel Adv last reported 0% of its portfolio in the stock. Putnam Fl Mgmt Communication last reported 14,053 shares in the company. Chesapeake Asset Mngmt Llc has 14,489 shares for 0.54% of their US portfolio. Blackrock Institutional Na, a California-based fund reported 1.15 million shares. Victory Mngmt Inc last reported 0.14% of its portfolio in the stock. Zacks Inv holds 196,652 shares or 0.27% of its portfolio. Bnp Paribas Arbitrage accumulated 17,648 shares or 0% of the stock. Millennium Mngmt Ltd Llc reported 200,077 shares or 0.02% of all its holdings. Commonwealth Of Pennsylvania Public School Empls Retrmt System owns 7,616 shares or 0.01% of their US portfolio. Blackrock Gp Ltd holds 0% or 30,316 shares in its portfolio. State Of Wisconsin Invest Board holds 0.03% or 148,600 shares in its portfolio.

Insider Transactions: Since May 25, 2016, the stock had 0 buys, and 4 sales for $1.45 million net activity. 15,000 shares were sold by DOREY WILLIAM GLENWOOD, worth $647,700. Another trade for 10,000 shares valued at $423,311 was made by Roberts James Hildebrand on Wednesday, May 25. KELSEY DAVID H also sold $56,867 worth of Granite Construction Inc. (NYSE:GVA) shares.

More important recent Granite Construction Inc. (NYSE:GVA) news were published by: Rttnews.com which released: “Granite Construction Inc. Announces 21% Advance In Q3 Bottom Line” on October 28, 2016, also Fool.com published article titled: “Granite Construction Inc. Poised to Benefit From FAST Act”, Benzinga.com published: “Mid-Afternoon Market Update: Crude Oil Down Over 2%; McKesson Shares Drop On …” on October 28, 2016. More interesting news about Granite Construction Inc. (NYSE:GVA) was released by: Zacks.com and their article: “Granite Construction Gets $M Northgate Station Contract” with publication date: October 10, 2016.

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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