$919.41 Million in Sales Expected for Granite Construction Incorporated (NYSE:GVA) This Quarter
Wall Street analysts expect Granite Construction Incorporated (NYSE:GVA) to announce sales of $919.41 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Granite Construction’s earnings. The lowest sales estimate is $903.63 million and the highest is $932.00 million. Granite Construction posted sales of $803.91 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.4%. The business is scheduled to report its next earnings report on Friday, October 27th.
According to Zacks, analysts expect that Granite Construction will report full year sales of $919.41 million for the current financial year, with estimates ranging from $2.89 billion to $2.98 billion. For the next year, analysts forecast that the company will report sales of $3.23 billion per share, with estimates ranging from $3.11 billion to $3.37 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Granite Construction.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share (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 the consensus estimate of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS.
Several analysts have recently weighed in on the stock. Canaccord Genuity reissued a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a research note on Tuesday, August 1st. FBR & Co dropped their price target 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. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and an average price target of $62.14.
In other news, Director James Hildebrand Roberts sold 17,442 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $50.34, for a total value 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total transaction of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares in the company, valued at $2,472,956.80. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
Several institutional investors have recently modified their holdings of GVA. Greenwood Capital Associates LLC raised its position in shares of Granite Construction by 1.9% in the second quarter. Greenwood Capital Associates LLC now owns 4,906 shares of the construction company’s stock valued at $237,000 after buying an additional 92 shares in the last quarter. First National Bank of Omaha raised its position in shares of Granite Construction by 0.4% in the second quarter. First National Bank of Omaha now owns 30,058 shares of the construction company’s stock valued at $1,450,000 after buying an additional 110 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its position in shares of Granite Construction by 0.7% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 17,930 shares of the construction company’s stock valued at $900,000 after buying an additional 130 shares in the last quarter. Dubuque Bank & Trust Co. raised its position in shares of Granite Construction by 3.0% in the second quarter. Dubuque Bank & Trust Co. now owns 5,082 shares of the construction company’s stock valued at $245,000 after buying an additional 149 shares in the last quarter. Finally, Advantus Capital Management Inc raised its position in shares of Granite Construction by 3.1% in the first quarter. Advantus Capital Management Inc now owns 5,073 shares of the construction company’s stock valued at $255,000 after buying an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Shares of Granite Construction (GVA) opened at 52.36 on Friday. Granite Construction has a 52 week low of $42.59 and a 52 week high of $62.18. The company has a market cap of $2.09 billion, a P/E ratio of 47.64 and a beta of 1.20. The firm has a 50-day moving average of $50.13 and a 200 day moving average of $50.93.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.99%. Granite Construction’s dividend payout ratio is currently 48.60%.
WARNING: “$919.41 Million in Sales Expected for Granite Construction Incorporated (NYSE:GVA) This Quarter” was originally published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2017/08/13/919-41-million-in-sales-expected-for-granite-construction-incorporated-nysegva-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.