Equities analysts predict that Granite Construction Inc. (NYSE:GVA) will announce $0.64 earnings per share for the current quarter, Zacks reports. Two analysts have issued estimates for Granite Construction’s earnings, with estimates ranging from $0.63 to $0.65. Granite Construction posted earnings of $0.43 per share in the same quarter last year, which suggests a positive year over year growth rate of 48.8%. The company is scheduled to issue its next quarterly earnings results on Wednesday, August 14th.
On average, analysts expect that Granite Construction will report full year earnings of $2.83 per share for the current year, with EPS estimates ranging from $2.75 to $2.93. For the next financial year, analysts anticipate that the business will post earnings of $4.05 per share, with EPS estimates ranging from $3.60 to $4.55. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Granite Construction.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Friday, April 26th. The construction company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.35). Granite Construction had a net margin of 0.57% and a return on equity of 6.03%. The business had revenue of $619.80 million during the quarter, compared to analyst estimates of $644.46 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company’s revenue was up 10.0% on a year-over-year basis.
A number of research analysts recently commented on GVA shares. MKM Partners set a $61.00 price objective on Granite Construction and gave the company a “buy” rating in a report on Friday, March 22nd. Goldman Sachs Group upgraded Granite Construction from a “neutral” rating to a “buy” rating and upped their price objective for the company from $50.00 to $53.00 in a report on Wednesday, May 29th. B. Riley reiterated a “buy” rating and issued a $53.00 price objective (down from $66.00) on shares of Granite Construction in a report on Monday, April 29th. Finally, ValuEngine upgraded Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Granite Construction presently has an average rating of “Buy” and a consensus price target of $59.00.
GVA traded up $0.78 during trading hours on Tuesday, reaching $45.54. The company’s stock had a trading volume of 8,852 shares, compared to its average volume of 260,003. Granite Construction has a fifty-two week low of $38.55 and a fifty-two week high of $58.93. The stock has a market cap of $2.12 billion, a PE ratio of 19.25, a PEG ratio of 2.29 and a beta of 1.24. The business has a 50-day moving average of $42.45. The company has a current ratio of 2.12, a quick ratio of 1.97 and a debt-to-equity ratio of 0.24.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Thursday, June 27th. Granite Construction’s dividend payout ratio is presently 22.22%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in GVA. JPMorgan Chase & Co. raised its holdings in shares of Granite Construction by 6.2% during the third quarter. JPMorgan Chase & Co. now owns 59,076 shares of the construction company’s stock valued at $2,700,000 after acquiring an additional 3,454 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Granite Construction by 3.7% during the fourth quarter. Arizona State Retirement System now owns 33,660 shares of the construction company’s stock valued at $1,356,000 after acquiring an additional 1,214 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in Granite Construction by 54.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 6,162 shares of the construction company’s stock worth $248,000 after purchasing an additional 2,170 shares in the last quarter. Rhumbline Advisers raised its holdings in Granite Construction by 62.7% in the fourth quarter. Rhumbline Advisers now owns 137,368 shares of the construction company’s stock worth $5,533,000 after purchasing an additional 52,940 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Granite Construction by 5.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,312 shares of the construction company’s stock worth $375,000 after purchasing an additional 516 shares in the last quarter. Hedge funds and other institutional investors own 98.60% of the company’s stock.
About Granite Construction
Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.
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