Wall Street analysts expect Granite Construction Inc. (NYSE:GVA) to post sales of $763.38 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Granite Construction’s earnings, with estimates ranging from $741.76 million to $785.00 million. Granite Construction reported sales of $666.68 million in the same quarter last year, which suggests a positive year over year growth rate of 14.5%. The business is expected to issue its next quarterly earnings results before the market opens on Friday, February 16th.

According to Zacks, analysts expect that Granite Construction will report full year sales of $763.38 million for the current financial year, with estimates ranging from $2.93 billion to $2.97 billion. For the next year, analysts forecast that the business will post sales of $3.31 billion per share, with estimates ranging from $3.26 billion to $3.34 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Granite Construction.

Several research analysts have recently issued reports on GVA shares. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Cowen lifted their price target on Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Canaccord Genuity lifted their price target on Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. DA Davidson reaffirmed a “hold” rating and set a $65.00 price target on shares of Granite Construction in a research note on Monday, October 30th. Finally, B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. Granite Construction presently has an average rating of “Buy” and a consensus target price of $69.00.

In other news, Director Claes Bjork sold 1,264 shares of Granite Construction stock in a transaction 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 completion of the transaction, the director now owns 50,972 shares of the company’s stock, valued at approximately $3,213,784.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP acquired a new position in Granite Construction in the 3rd quarter valued at about $1,491,000. GSA Capital Partners LLP acquired a new position in Granite Construction in the 3rd quarter valued at about $289,000. Cortina Asset Management LLC raised its stake in Granite Construction by 1.3% in the 3rd quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after purchasing an additional 8,253 shares during the last quarter. Wells Fargo & Company MN raised its stake in Granite Construction by 8.1% in the 3rd quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after purchasing an additional 29,217 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake 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 during the last quarter. 99.71% of the stock is owned by hedge funds and other institutional investors.

Shares of Granite Construction (NYSE:GVA) opened at $59.98 on Friday. The company has a market cap of $2,420.00, a price-to-earnings ratio of 45.79, a price-to-earnings-growth ratio of 2.62 and a beta of 1.21. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.58. 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 company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio (DPR) is presently 39.69%.

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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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