Granite Construction Inc. (GVA) Expected to Post Earnings of $0.68 Per Share

Equities research analysts forecast that Granite Construction Inc. (NYSE:GVA) will post $0.68 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Granite Construction’s earnings. The lowest EPS estimate is $0.60 and the highest is $0.73. Granite Construction posted earnings per share of $0.40 in the same quarter last year, which suggests a positive year over year growth rate of 70%. The company is expected to issue its next earnings results on Friday, February 16th.

According to Zacks, analysts expect that Granite Construction will report full-year earnings of $1.58 per share for the current financial year, with EPS estimates ranging from $1.50 to $1.64. For the next year, analysts expect that the firm will report earnings of $3.24 per share, with EPS estimates ranging from $2.90 to $3.47. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow Granite Construction.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The firm had revenue of $957.10 million for the quarter, compared to analysts’ expectations of $905.14 million. During the same quarter last year, the business earned $0.92 earnings per share. The business’s revenue was up 19.1% on a year-over-year basis.

GVA has been the topic of several recent analyst reports. FBR & Co restated a “buy” rating and issued a $68.00 target price on shares of Granite Construction in a report on Tuesday, October 3rd. Seaport Global Securities cut shares of Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 target price on the stock. in a report on Wednesday, October 11th. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Friday, October 13th. DA Davidson restated a “hold” rating and issued a $65.00 target price on shares of Granite Construction in a report on Monday, October 30th. Finally, Canaccord Genuity raised their target price on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. Granite Construction presently has a consensus rating of “Buy” and an average price target of $69.00.

Shares of Granite Construction (GVA) traded down $0.12 during trading on Tuesday, hitting $66.78. 145,525 shares of the stock traded hands, compared to its average volume of 185,593. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.00. The company has a market capitalization of $2,660.00, a PE ratio of 50.98, a price-to-earnings-growth ratio of 2.99 and a beta of 1.25.

The firm also recently declared a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Friday, December 29th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Thursday, December 28th. Granite Construction’s payout ratio is 39.69%.

In related news, Director William Howard Powell sold 3,103 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $63.85, for a total value of $198,126.55. Following the completion of the sale, the director now owns 46,771 shares of the company’s stock, valued at $2,986,328.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the completion of the sale, the director now directly owns 50,972 shares of the company’s stock, valued at approximately $3,213,784.60. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in GVA. Fieldpoint Private Securities LLC purchased a new stake in Granite Construction in the third quarter worth $106,000. Advisor Group Inc. lifted its position in Granite Construction by 169.1% during the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after buying an additional 1,170 shares during the period. Royal Bank of Canada lifted its position in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after buying an additional 879 shares during the period. Public Employees Retirement System of Ohio lifted its position in Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after buying an additional 218 shares during the period. Finally, Riverhead Capital Management LLC lifted its position in Granite Construction by 65.0% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after buying an additional 1,430 shares during the period. 99.47% of the stock is owned by institutional investors.

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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.

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