Kenny Construction Company (Kenny), a wholly owned subsidiary of Granite Construction Inc. (GVA - Free Report) , has been awarded a $21-million contract by the Illinois Department of Transportation. The contract work involves the reconstruction and widening of the Van Buren Street Bridge in Chicago, IL.
Per the contract, Kenny will replace the Van Buren Street Bridge over Interstate 90/94 and build a wall at the northwest quadrant of the Jane Byrne Interchange. Its scope of work also includes improvements to the southeast corner of the Elysian Field and relocation of the existing Greektown monument from Quincy Street to the project site.
Construction work is scheduled to begin in August 2017 and close by September 2019. The contract work will be included in Granite Construction’s third-quarter 2017 backlog.
The company’s total contract backlog increased 8.4% to $4.06 billion in second-quarter 2017. Granite Construction intends to focus on the execution of its large project backlog, apart from bidding for, and winning new deals and contracts.
In the last year, Granite Construction has outperformed the industry with respect to price performance. The stock gained around 3.46%, while the industry declined 4.96% in the same time frame.
Granite Construction currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same space include MasTec, Inc. (MTZ - Free Report) , Sterling Construction Company, Inc. (STRL - Free Report) and KB Home (KBH - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MasTec has expected long-term growth rate of 14.00%.
Sterling Construction has expected long-term growth rate of 11.00%.
KB Home has expected long-term growth rate of 16.66%.
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