Wall Street brokerages expect Granite Construction Inc. (NYSE:GVA) to report $763.38 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Granite Construction’s earnings, with the lowest sales estimate coming in at $741.76 million and the highest estimate coming in at $785.00 million. Granite Construction posted sales of $666.68 million during the same quarter last year, which suggests a positive year over year growth rate of 14.5%. The business is expected to report its next quarterly earnings report before the market opens on Friday, February 16th.
On average, analysts expect that Granite Construction will report full-year sales of $763.38 million for the current year, with estimates ranging from $2.93 billion to $2.97 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.31 billion per share, with estimates ranging from $3.26 billion to $3.34 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Granite Construction.
GVA has been the topic of a number of research reports. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. DA Davidson restated a “hold” rating and issued a $65.00 price target on shares of Granite Construction in a report on Monday, October 30th. Canaccord Genuity upped their target price on Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, October 30th. B. Riley reiterated a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Finally, Cowen upped their target price on Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $69.00.
Shares of Granite Construction (GVA) traded down $3.26 during trading on Friday, hitting $56.82. The stock had a trading volume of 790,618 shares, compared to its average volume of 218,246. The company has a market capitalization of $2,260.00, a price-to-earnings ratio of 43.31, a price-to-earnings-growth ratio of 2.63 and a beta of 1.21. Granite Construction has a 12 month low of $45.14 and a 12 month high of $68.58. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio (DPR) is presently 39.69%.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total transaction of $79,695.20. Following the transaction, the director now owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of GVA. Teachers Advisors LLC grew its position in shares of Granite Construction by 4.9% in the second quarter. Teachers Advisors LLC now owns 72,728 shares of the construction company’s stock valued at $3,508,000 after purchasing an additional 3,394 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Granite Construction by 4.6% in the second quarter. PNC Financial Services Group Inc. now owns 5,686 shares of the construction company’s stock valued at $275,000 after purchasing an additional 251 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Granite Construction by 2.4% in the second quarter. New York State Common Retirement Fund now owns 42,700 shares of the construction company’s stock valued at $2,060,000 after purchasing an additional 999 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Granite Construction by 20.0% in the second quarter. Citigroup Inc. now owns 4,093 shares of the construction company’s stock valued at $197,000 after buying an additional 683 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Granite Construction by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock valued at $161,802,000 after buying an additional 62,760 shares during the period. 99.05% of the stock is currently owned by institutional investors.
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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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