First Mercantile Trust Co buys $889,570 stake in Granite Construction (GVA)

Granite Construction (GVA) : First Mercantile Trust Co scooped up 1,802 additional shares in Granite Construction during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 7, 2016. The investment management firm now holds a total of 18,353 shares of Granite Construction which is valued at $889,570.Granite Construction makes up approximately 0.12% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading sold out all of its stake in GVA during the most recent quarter. The investment firm sold 329 shares of GVA which is valued $15,947.Bnp Paribas Arbitrage Sa reduced its stake in GVA by selling 10,654 shares or 60.37% in the most recent quarter. The Hedge Fund company now holds 6,994 shares of GVA which is valued at $343,755.Independent Portfolio Consultants boosted its stake in GVA in the latest quarter, The investment management firm added 1,610 additional shares and now holds a total of 18,775 shares of Granite Construction which is valued at $922,791. Granite Construction makes up approx 0.29% of Independent Portfolio Consultants’s portfolio.

Granite Construction closed down -0.62 points or -1.26% at $48.47 with 2,61,131 shares getting traded on Friday. Post opening the session at $49.24, the shares hit an intraday low of $48.41 and an intraday high of $49.35 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Granite Construction reported $0.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Jul 29, 2016. Analyst had a consensus of $0.45. The company had revenue of $604.60 million for the quarter, compared to analysts expectations of $632.12 million. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS.

Many Wall Street Analysts have commented on Granite Construction. Company shares were Reiterated by FBR Capital on Aug 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 60 from a previous price target of $48 .Company shares were Upgraded by Seaport Global Securities on Aug 1, 2016 to ” Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $49 .Company shares were Reiterated by MKM Partners on Aug 1, 2016 to “Buy”, Firm has raised the Price Target to $ 56 from a previous price target of $55 .

Granite Construction Incorporated (Granite) is a heavy civil contractors and construction materials producer in the United States. The Company operates through segments including Construction Large Project Construction and Construction Materials. The Company 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 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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