Price Action Alert: Does Granite Construction Inc. Have More Gas After Touching 52-Week High?

Price Action Alert: Does Granite Construction Inc. Have More Gas After Touching 52 Week High?

The stock of Granite Construction Inc. (NYSE:GVA) hit a new 52-week high and has $86.07 target or 68.00% above today’s $51.23 share price. The 9 months bullish chart indicates low risk for the $2.04 billion company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $86.07 price target is reached, the company will be worth $1.39B 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 554,613 shares traded hands or 97.24% up from the average. Granite Construction Inc. (NYSE:GVA) has risen 3.38% since April 7, 2016 and is uptrending. It has underperformed by 1.40% the S&P500.

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. FBR Capital upgraded the shares of GVA in a report on Friday, December 11 to “Outperform” rating. The stock has “Buy” rating given by M Partners on Wednesday, June 29. The stock of Granite Construction Inc. (NYSE:GVA) earned “Outperform” rating by Cowen & Co on Wednesday, December 2. Cowen & Co initiated Granite Construction Inc. (NYSE:GVA) on Thursday, April 14 with “Outperform” rating. Maxim Group initiated it with “Buy” rating and $50 target price in Tuesday, November 24 report. The firm has “Buy” rating by M Partners given on Tuesday, August 2. Stifel Nicolaus initiated the stock with “Buy” rating in Wednesday, December 9 report. FBR Capital maintained the stock with “Outperform” rating in Tuesday, August 2 report.

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 is negative, 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, Blackrock Advisors Limited Liability Co has 0% invested in Granite Construction Inc. (NYSE:GVA) for 64,822 shares. Victory Cap Management Inc last reported 0.14% of its portfolio in the stock. Bank Of New York Mellon holds 1.18 million shares or 0.02% of its portfolio. Rutabaga Management Limited Ma holds 2.82% of its portfolio in Granite Construction Inc. (NYSE:GVA) for 331,589 shares. Tributary Capital Mgmt Lc last reported 222,890 shares in the company. Federated Investors Inc Pa has 0% invested in the company for 12,812 shares. Blackrock Fund Advsr accumulated 1.94 million shares or 0.02% of the stock. Pioneer Investment Mngmt Inc last reported 0.03% of its portfolio in the stock. Macquarie Gp Limited accumulated 637,147 shares or 0.06% of the stock. Loomis Sayles And Lp reported 567,144 shares or 0.07% of all its holdings. The New Jersey-based State Of New Jersey Common Pension Fund D has invested 0.08% in Granite Construction Inc. (NYSE:GVA). Eam Invsts Lc accumulated 0.37% or 53,437 shares. Strs Ohio owns 800 shares or 0% of their US portfolio. First Personal Financial Svcs accumulated 257 shares or 0% of the stock. Advantus Management last reported 0.01% of its portfolio in the stock.

Insider Transactions: Since May 25, 2016, the stock had 0 buys, and 6 selling transactions for $1.92 million net activity. $151,453 worth of shares were sold by Donnino Michael Francis on Friday, November 4. DOREY WILLIAM GLENWOOD had sold 15,000 shares worth $647,700. Roberts James Hildebrand sold $423,311 worth of stock. KELSEY DAVID H sold $56,867 worth of stock or 1,113 shares.

Another recent and important Granite Construction Inc. (NYSE:GVA) news was published by Fool.com which published an article titled: “Granite Construction Inc. Poised to Benefit From FAST Act” on January 14, 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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