Brokers Offer Predictions for Granite Construction Incorporated’s FY2017 Earnings (GVA)
Granite Construction Incorporated (NYSE:GVA) – Stock analysts at FBR & Co issued their FY2017 EPS estimates for shares of Granite Construction in a research report issued on Tuesday. FBR & Co analyst A. Rygiel expects that the construction company will post earnings of $1.50 per share for the year. FBR & Co currently has a “Buy” rating and a $68.00 price objective on the stock. FBR & Co also issued estimates for Granite Construction’s Q4 2017 earnings at $0.67 EPS.
GVA has been the subject of several other reports. Cowen and Company reissued a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research report on Tuesday, September 19th. Canaccord Genuity reissued a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research report on Saturday, August 26th. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $63.67.
Granite Construction (GVA) opened at 58.48 on Thursday. The stock has a 50 day moving average price of $55.09 and a 200 day moving average price of $51.14. The company has a market cap of $2.33 billion, a PE ratio of 53.21 and a beta of 1.17. Granite Construction has a one year low of $42.59 and a one year high of $62.18.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.25). The company had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. Granite Construction’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Thursday, September 28th. Granite Construction’s payout ratio is 48.60%.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its position 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 worth $200,206,000 after purchasing an additional 3,969,000 shares in the last quarter. Vanguard Group Inc. grew its position 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 worth $161,802,000 after purchasing an additional 62,760 shares in the last quarter. Franklin Resources Inc. grew its position 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 worth $70,350,000 after purchasing an additional 649,831 shares in the last quarter. State Street Corp grew its position 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 worth $61,697,000 after purchasing an additional 55,202 shares in the last quarter. Finally, Northern Trust Corp grew its position in Granite Construction by 6.5% in the 2nd quarter. Northern Trust Corp now owns 1,237,204 shares of the construction company’s stock worth $59,682,000 after purchasing an additional 75,265 shares in the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.
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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