MKM Partners Initiates Coverage on Granite Construction to Buy

MKM Partners Initiates Coverage on Granite Construction(NYSE:GVA). The shares have been rated Buy. The rating by MKM Partners was issued on Jun 29, 2016.

Granite Construction (GVA) shares turned negative on Fridays trading session with the shares closing down -0.46 points or -1.01% at a volume of 2,02,611. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $46.3. The peak price level was also seen at $46.3 while the days lowest was $44.75. Finally the shares closed at $45.09. The 52-week high of the shares is $48.59 while the 52-week low is $28.45. According to the latest information available, the market cap of the company is $1,784 M.

Granite Construction(GVA) last announced its earnings results on Apr 29, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $439.45M. Analysts had an estimated revenue of $432.50M. Earnings per share were $-0.28. Analysts had estimated an EPS of $-0.12.

Several Insider Transactions has been reported to the SEC. On Jun 7, 2016, William Glenwood Dorey (director) sold 15,000 shares at $43.18 per share price.Also, On Jun 1, 2016, James Hildebrand Roberts (Director, President & CEO) sold 2,830 shares at $43.09 per share price.On May 6, 2016, Michael Francis Donnino (Senior Vice President) sold 10,000 shares at $43.26 per share price, according to the Form-4 filing with the securities and exchange commission.

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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