Granite Construction Incorporated (NYSE:GVA) – Seaport Global Securities reduced their Q4 2017 earnings per share (EPS) estimates for Granite Construction in a report released on Friday. Seaport Global Securities analyst R. Cassil now anticipates that the construction company will post earnings of $0.61 per share for the quarter, down from their previous forecast of $0.69. Seaport Global Securities also issued estimates for Granite Construction’s Q2 2018 earnings at $0.78 EPS, Q3 2018 earnings at $1.26 EPS and Q4 2018 earnings at $0.90 EPS.

Several other equities analysts have also commented on GVA. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Friday, April 14th. FBR & Co lowered their price target on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, May 3rd. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Wednesday, May 3rd. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. 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 has a consensus rating of “Buy” and an average target price of $62.14.

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Shares of Granite Construction (NYSE:GVA) opened at 53.14 on Monday. The stock has a market capitalization of $2.12 billion, a PE ratio of 48.35 and a beta of 1.20. Granite Construction has a one year low of $42.59 and a one year high of $62.18. The firm has a 50-day moving average price of $49.23 and a 200 day moving average price of $50.96.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. The firm 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 firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Suntrust Banks Inc. increased its position in shares of Granite Construction by 178.1% in the first quarter. Suntrust Banks Inc. now owns 34,353 shares of the construction company’s stock worth $1,724,000 after buying an additional 22,000 shares in the last quarter. American Century Companies Inc. increased its position in shares of Granite Construction by 0.4% in the first quarter. American Century Companies Inc. now owns 160,944 shares of the construction company’s stock worth $8,078,000 after buying an additional 600 shares in the last quarter. BlackRock Inc. increased its position in shares of Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after buying an additional 3,969,000 shares in the last quarter. First National Bank of Omaha increased 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 in the last quarter. Finally, Cortina Asset Management LLC increased its position in shares of Granite Construction by 27.3% in the first quarter. Cortina Asset Management LLC now owns 596,399 shares of the construction company’s stock worth $29,933,000 after buying an additional 127,825 shares in the last quarter. 93.96% of the stock is owned by hedge funds and other institutional investors.

In other news, Director James Hildebrand Roberts sold 17,442 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the sale, the director now owns 54,594 shares of the company’s stock, valued at $2,748,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the sale, the director now directly owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Wednesday, June 28th. Granite Construction’s payout ratio is 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.

Earnings History and Estimates for Granite Construction (NYSE:GVA)

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