Brokers Issue Forecasts for Granite Construction Incorporated’s Q2 2024 Earnings (NYSE:GVA)

Granite Construction Incorporated (NYSE:GVA) – Analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Granite Construction in a research note issued on Friday, May 3rd. DA Davidson analyst B. Thielman anticipates that the construction company will earn $1.32 per share for the quarter. DA Davidson currently has a “Buy” rating and a $64.00 target price on the stock. The consensus estimate for Granite Construction’s current full-year earnings is $4.29 per share. DA Davidson also issued estimates for Granite Construction’s FY2025 earnings at $5.52 EPS.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, February 22nd. The construction company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. The company had revenue of $933.70 million for the quarter. During the same period in the previous year, the business posted $0.56 earnings per share.

Separately, The Goldman Sachs Group upped their target price on shares of Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, April 16th.

Granite Construction Stock Performance

Shares of GVA opened at $59.39 on Monday. The firm has a market capitalization of $2.62 billion, a P/E ratio of 100.66 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.51 and a quick ratio of 1.49. The business has a fifty day moving average of $54.63 and a 200 day moving average of $49.23. Granite Construction has a one year low of $33.74 and a one year high of $59.61.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.88%. Granite Construction’s payout ratio is currently 88.14%.

Insiders Place Their Bets

In other Granite Construction news, Director Louis E. Caldera sold 1,263 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $50.00, for a total value of $63,150.00. Following the completion of the transaction, the director now directly owns 8,528 shares in the company, valued at $426,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Granite Construction

A number of hedge funds have recently modified their holdings of the company. Wasatch Advisors LP lifted its holdings in shares of Granite Construction by 637.4% in the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock worth $53,523,000 after buying an additional 809,803 shares in the last quarter. Norges Bank purchased a new position in shares of Granite Construction in the fourth quarter worth $13,755,000. Frontier Capital Management Co. LLC lifted its holdings in shares of Granite Construction by 21.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock worth $70,596,000 after buying an additional 246,154 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Granite Construction in the third quarter worth $8,554,000. Finally, Hennessy Advisors Inc. purchased a new stake in Granite Construction during the fourth quarter valued at $3,814,000.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.