Analysts Expect Granite Construction Incorporated (GVA) to Announce $0.73 Earnings Per Share
Equities research analysts expect that Granite Construction Incorporated (NYSE:GVA) will report $0.73 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Granite Construction’s earnings, with estimates ranging from $0.60 to $0.93. Granite Construction reported earnings per share of $0.40 during the same quarter last year, which suggests a positive year over year growth rate of 82.5%. The firm is scheduled to issue its next quarterly earnings results on Friday, February 16th.
According to Zacks, analysts expect that Granite Construction will report full year earnings of $1.63 per share for the current year, with EPS estimates ranging from $1.50 to $1.83. For the next year, analysts anticipate that the firm will report earnings of $3.05 per share, with EPS estimates ranging from $2.85 to $3.47. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that that provide coverage for Granite Construction.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The company had revenue of $957.10 million for the quarter, compared to analysts’ expectations of $905.14 million. During the same period last year, the firm earned $0.92 earnings per share. Granite Construction’s quarterly revenue was up 19.1% on a year-over-year basis.
A number of analysts have weighed in on the company. B. Riley restated a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Tuesday, October 31st. Canaccord Genuity raised their price target on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, October 30th. DA Davidson restated a “hold” rating and issued a $65.00 price target on shares of Granite Construction in a research note on Monday, October 30th. Finally, Seaport Global Securities cut Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target on the stock. in a research note on Wednesday, October 11th. 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 company. Granite Construction has a consensus rating of “Buy” and an average target price of $67.00.
Granite Construction (GVA) traded up $1.29 during trading on Wednesday, reaching $63.23. The company’s stock had a trading volume of 306,273 shares, compared to its average volume of 394,820. Granite Construction has a one year low of $45.14 and a one year high of $67.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.71 and a current ratio of 1.79. The firm has a market capitalization of $2,470.00, a PE ratio of 48.08, a PEG ratio of 5.44 and a beta of 1.24.
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In related news, Director William Howard Powell sold 3,103 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $63.85, for a total value of $198,126.55. Following the transaction, the director now owns 46,771 shares in the company, valued at approximately $2,986,328.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Granite Construction by 19,890.7% in the 1st quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock valued at $200,206,000 after purchasing an additional 3,969,000 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Granite Construction by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock valued at $161,802,000 after purchasing an additional 62,760 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Granite Construction by 1.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,695,658 shares of the construction company’s stock valued at $98,260,000 after purchasing an additional 17,486 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Granite Construction by 80.4% in the 2nd quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock valued at $70,350,000 after purchasing an additional 649,831 shares in the last quarter. Finally, State Street Corp boosted its holdings in Granite Construction by 4.5% in the 2nd quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock valued at $61,697,000 after purchasing an additional 55,202 shares in the last quarter. Hedge funds and other institutional investors own 97.68% of the company’s stock.
About Granite Construction
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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