Wall Street brokerages expect Granite Construction Incorporated (NYSE:GVA) to announce $1.10 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Granite Construction’s earnings. The lowest EPS estimate is $0.96 and the highest is $1.20. Granite Construction posted earnings of $0.92 per share during the same quarter last year, which indicates a positive year over year growth rate of 19.6%. The business is scheduled to announce its next quarterly earnings results on Friday, October 27th.
On average, analysts expect that Granite Construction will report full-year earnings of $1.57 per share for the current fiscal year, with EPS estimates ranging from $1.34 to $1.87. For the next year, analysts anticipate that the firm will post earnings of $2.92 per share, with EPS estimates ranging from $2.63 to $3.47. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Granite Construction.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.25. The company had revenue of $762.90 million during the quarter, compared to analyst estimates of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS.
A number of research firms recently issued reports on GVA. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. FBR & Co upped their price objective on shares of Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. BidaskClub cut shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $62.14.
In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the transaction, the director now directly owns 54,594 shares in the company, valued at approximately $2,748,261.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $49.60, for a total transaction of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. acquired a new position in shares of Granite Construction during the first quarter valued at about $119,000. Tower Research Capital LLC TRC boosted its position in shares of Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock valued at $130,000 after buying an additional 1,367 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Granite Construction by 65.0% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after buying an additional 1,430 shares during the period. LS Investment Advisors LLC boosted its position in shares of Granite Construction by 44.0% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock valued at $200,000 after buying an additional 1,215 shares during the period. Finally, Citigroup Inc. boosted its position 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. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Shares of Granite Construction (NYSE GVA) traded up 1.73% during mid-day trading on Friday, hitting $52.36. 311,589 shares of the company were exchanged. Granite Construction has a 12-month low of $42.59 and a 12-month high of $62.18. The firm has a market capitalization of $2.09 billion, a P/E ratio of 47.64 and a beta of 1.20. The company’s 50-day moving average price is $50.13 and its 200-day moving average price is $50.93.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Wednesday, June 28th. Granite Construction’s dividend payout ratio is 48.60%.
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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