Cowen & Company Initiates Coverage on Granite Construction to Outperform

Cowen & Company Initiates Coverage on Granite Construction(NYSE:GVA). The shares have been rated Outperform. The rating by Cowen & Company was issued on Apr 14, 2016.

Granite Construction (GVA) made into the market gainers list on Mondays trading session with the shares advancing 2.76% or 1.27 points. Due to strong positive momentum, the stock ended at $47.27, which is also near the day’s high of $47.49. The stock began the session at $45.56 and the volume stood at 4,95,362 shares. The 52-week high of the shares is $48.59 and the 52 week low is $28.45. The company has a current market capitalization of $1,863 M and it has 3,94,13,511 shares in outstanding.

Granite Construction(GVA) last announced its earnings results on Feb 25, 2016 for Fiscal Year 2015 and Q4.Company reported revenue of $630.16M. Analysts had an estimated revenue of $645.16M. Earnings per share were $0.72. Analysts had estimated an EPS of $0.54.

Several Insider Transactions has been reported to the SEC. On Mar 15, 2016, Michael Francis Donnino (Senior Vice President) sold 4,003 shares at $43.20 per share price.Also, On Mar 3, 2016, William Glenwood Dorey (director) sold 15,000 shares at $44.08 per share price.On Mar 2, 2016, David H Kelsey (director) sold 5,000 shares at $42.10 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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