Griffin Securities Weighs in on Granite Construction Incorporated’s Q2 2018 Earnings (GVA)
Granite Construction Incorporated (NYSE:GVA) – Research analysts at Griffin Securities issued their Q2 2018 earnings estimates for Granite Construction in a research note issued on Wednesday. Griffin Securities analyst M. Ajzenman forecasts that the construction company will earn $0.87 per share for the quarter. Griffin Securities also issued estimates for Granite Construction’s Q3 2018 earnings at $1.44 EPS and Q4 2018 earnings at $0.87 EPS.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Friday, April 14th. FBR & Co reduced their price objective on shares of Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, May 3rd. Canaccord Genuity restated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research note on Wednesday, May 3rd. Finally, BidaskClub upgraded shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and a consensus target price of $62.14.
Shares of Granite Construction (GVA) opened at 53.14 on Monday. The company’s 50-day moving average is $49.23 and its 200-day moving average is $50.96. 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 $2.12 billion, a price-to-earnings ratio of 48.35 and a beta of 1.20.
Granite Construction (NYSE:GVA) last issued its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.25. The business had revenue of $762.90 million during the quarter, compared to analysts’ expectations 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 was up 26.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS.
A number of institutional investors have recently made changes to their positions in GVA. Norges Bank bought a new position in shares of Granite Construction during the fourth quarter worth about $7,467,000. Teachers Advisors LLC raised its position in shares of Granite Construction by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 67,679 shares of the construction company’s stock worth $3,722,000 after buying an additional 1,702 shares during the period. Foundry Partners LLC raised its position in shares of Granite Construction by 24.9% in the first quarter. Foundry Partners LLC now owns 7,575 shares of the construction company’s stock worth $380,000 after buying an additional 1,510 shares during the period. Gradient Investments LLC bought a new position in shares of Granite Construction during the first quarter worth about $290,000. Finally, First National Bank of Omaha raised its position in shares of Granite Construction by 48.3% in the first quarter. First National Bank of Omaha now owns 29,948 shares of the construction company’s stock worth $1,503,000 after buying an additional 9,760 shares during the period. 93.96% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the transaction, the director now directly owns 54,594 shares in the company, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
The business also recently announced 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 0.98%. The ex-dividend date was Wednesday, June 28th. Granite Construction’s dividend payout ratio (DPR) is currently 48.60%.
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.
Receive News & Ratings for Granite Construction Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.