Granite Construction Incorporated (NYSE:GVA) – Equities research analysts at Seaport Global Securities increased their FY2017 earnings estimates for Granite Construction in a report issued on Monday, Zacks Investment Research reports. Seaport Global Securities analyst M. Shlisky now anticipates that the construction company will earn $1.83 per share for the year, up from their prior estimate of $1.50. Seaport Global Securities has a “Neutral” rating and a $64.00 price objective on the stock. Seaport Global Securities also issued estimates for Granite Construction’s Q4 2017 earnings at $0.93 EPS and Q1 2018 earnings at ($0.26) EPS.
A number of other analysts have also recently commented on the stock. B. Riley reiterated a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Tuesday, October 31st. Canaccord Genuity lifted their target price on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. DA Davidson reissued a “hold” rating and set a $65.00 price target on shares of Granite Construction in a research report on Monday, October 30th. Finally, FBR & Co reissued a “buy” rating and set a $68.00 price target on shares of Granite Construction in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $67.00.
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Shares of Granite Construction (NYSE:GVA) opened at $63.47 on Wednesday. Granite Construction has a 1-year low of $45.14 and a 1-year high of $67.20. The firm has a market cap of $2,529.34, a PE ratio of 49.20, a PEG ratio of 5.57 and a beta of 1.24. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The business had revenue of $957.10 million for the quarter, compared to the consensus estimate of $905.14 million. During the same quarter last year, the firm posted $0.92 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.52 annualized dividend and a yield of 0.82%. Granite Construction’s dividend payout ratio (DPR) is presently 40.31%.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of Granite Construction stock in a transaction on Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.
Several hedge funds have recently made changes to their positions in GVA. UBS Asset Management Americas Inc. boosted its position in shares of Granite Construction by 41.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 23,378 shares of the construction company’s stock valued at $1,173,000 after acquiring an additional 6,802 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Granite Construction by 672.8% in the first quarter. JPMorgan Chase & Co. now owns 6,182 shares of the construction company’s stock valued at $310,000 after buying an additional 5,382 shares during the last quarter. Principal Financial Group Inc. lifted its position in Granite Construction by 1.4% in the first quarter. Principal Financial Group Inc. now owns 160,682 shares of the construction company’s stock valued at $8,064,000 after buying an additional 2,197 shares during the last quarter. Wellington Management Group LLP lifted its position in Granite Construction by 676.4% in the first quarter. Wellington Management Group LLP now owns 194,498 shares of the construction company’s stock valued at $9,761,000 after buying an additional 169,448 shares during the last quarter. Finally, Teachers Advisors LLC lifted its position in Granite Construction by 2.4% in the first quarter. Teachers Advisors LLC now owns 69,334 shares of the construction company’s stock valued at $3,480,000 after buying an additional 1,655 shares during the last quarter. 99.01% of the stock is currently owned by hedge funds and other institutional investors.
Granite Construction Company Profile
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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