Seaport Global Securities Comments on Granite Construction Incorporated’s Q3 2017 Earnings (GVA)
Granite Construction Incorporated (NYSE:GVA) – Seaport Global Securities issued their Q3 2017 earnings per share estimates for shares of Granite Construction in a research note issued to investors on Wednesday. Seaport Global Securities analyst M. Shlisky expects that the construction company will earn $1.09 per share for the quarter. Seaport Global Securities has a “Neutral” rating and a $64.00 price target on the stock. Seaport Global Securities also issued estimates for Granite Construction’s Q4 2017 earnings at $0.65 EPS, FY2017 earnings at $1.50 EPS, Q1 2018 earnings at ($0.14) EPS, Q2 2018 earnings at $0.89 EPS, Q3 2018 earnings at $1.28 EPS, Q4 2018 earnings at $0.76 EPS and FY2018 earnings at $2.79 EPS.
Granite Construction (NYSE:GVA) last issued its earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.25). The company 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 business’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 EPS.
Other analysts have also issued reports about the stock. FBR & Co restated a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a research report on Tuesday, October 3rd. BidaskClub upgraded shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Canaccord Genuity restated a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a research report on Tuesday, August 1st. Finally, Cowen and Company restated a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a research report on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $63.71.
Shares of Granite Construction (NYSE:GVA) opened at 58.39 on Friday. Granite Construction has a 52 week low of $42.59 and a 52 week high of $62.18. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 53.13 and a beta of 1.17. The stock has a 50 day moving average of $56.67 and a 200-day moving average of $51.63.
A number of hedge funds and other institutional investors have recently bought and sold shares of GVA. UBS Asset Management Americas Inc. grew its position in Granite Construction by 41.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 23,378 shares of the construction company’s stock worth $1,173,000 after purchasing an additional 6,802 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Granite Construction in the 1st quarter worth $523,000. Sei Investments Co. acquired a new stake in Granite Construction in the 1st quarter worth $119,000. Parametric Portfolio Associates LLC grew its position in Granite Construction by 88.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 107,721 shares of the construction company’s stock worth $5,407,000 after purchasing an additional 50,605 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Granite Construction by 12.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 10,303 shares of the construction company’s stock worth $517,000 after purchasing an additional 1,162 shares during the last quarter. Institutional investors own 98.53% of the company’s stock.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.
The business also recently declared 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. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.52 annualized dividend and a yield of 0.89%. Granite Construction’s dividend payout ratio is 48.60%.
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.
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.