Equities analysts expect that Granite Construction Inc. (NYSE:GVA) will post $1.18 billion in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Granite Construction’s earnings. The lowest sales estimate is $1.15 billion and the highest is $1.20 billion. Granite Construction posted sales of $957.13 million during the same quarter last year, which suggests a positive year-over-year growth rate of 23.3%. The business is expected to report its next earnings results on Friday, October 26th.
On average, analysts expect that Granite Construction will report full-year sales of $3.51 billion for the current year, with estimates ranging from $3.48 billion to $3.55 billion. For the next financial year, analysts forecast that the business will report sales of $4.07 billion, with estimates ranging from $3.94 billion to $4.20 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Granite Construction.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Wednesday, August 8th. The construction company reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($1.01). Granite Construction had a return on equity of 8.35% and a net margin of 1.88%. The business had revenue of $807.10 million for the quarter, compared to analyst estimates of $897.70 million. During the same period in the prior year, the company earned $0.35 EPS. The company’s revenue was up 5.8% on a year-over-year basis.
A number of research analysts recently weighed in on GVA shares. ValuEngine lowered Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Zacks Investment Research raised Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Wednesday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $65.00 price objective (down previously from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. Finally, TheStreet lowered Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Granite Construction currently has an average rating of “Buy” and an average price target of $70.80.
In other news, Director Claes Bjork bought 6,500 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were bought at an average cost of $44.25 per share, for a total transaction of $287,625.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Federated Investors Inc. PA grew its stake in shares of Granite Construction by 152.0% in the second quarter. Federated Investors Inc. PA now owns 72,546 shares of the construction company’s stock valued at $4,038,000 after buying an additional 43,756 shares in the last quarter. Liberty Mutual Group Asset Management Inc. grew its stake in shares of Granite Construction by 15.3% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock valued at $504,000 after buying an additional 1,204 shares in the last quarter. Sei Investments Co. grew its stake in shares of Granite Construction by 40.0% in the second quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after buying an additional 1,460 shares in the last quarter. Swiss National Bank grew its stake in shares of Granite Construction by 13.4% in the second quarter. Swiss National Bank now owns 78,700 shares of the construction company’s stock valued at $4,380,000 after buying an additional 9,300 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Granite Construction by 18.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 369,823 shares of the construction company’s stock valued at $20,585,000 after buying an additional 56,878 shares in the last quarter. Institutional investors and hedge funds own 95.60% of the company’s stock.
GVA stock traded down $0.44 on Wednesday, reaching $42.60. 487,557 shares of the company’s stock were exchanged, compared to its average volume of 361,135. Granite Construction has a twelve month low of $40.76 and a twelve month high of $68.58. The firm has a market capitalization of $2.09 billion, a PE ratio of 26.30, a P/E/G ratio of 2.46 and a beta of 1.21. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.53 and a quick ratio of 1.42.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.52 dividend on an annualized basis and a yield of 1.22%. Granite Construction’s payout ratio is 32.10%.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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