Brokerages expect Granite Construction Inc. (NYSE:GVA) to report sales of $962.24 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Granite Construction’s earnings. The highest sales estimate is $974.47 million and the lowest is $950.00 million. Granite Construction posted sales of $801.27 million during the same quarter last year, which suggests a positive year over year growth rate of 20.1%. The company is scheduled to report its next quarterly earnings results on Friday, February 15th.
On average, analysts expect that Granite Construction will report full-year sales of $3.39 billion for the current fiscal year, with estimates ranging from $3.38 billion to $3.40 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $3.78 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Granite Construction.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.18. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS.
GVA has been the topic of a number of research reports. TheStreet raised shares of Granite Construction from a “c+” rating to a “b” rating in a research report on Wednesday, November 21st. MKM Partners set a $59.00 target price on shares of Granite Construction and gave the company a “buy” rating in a research report on Wednesday, November 7th. DA Davidson set a $60.00 target price on shares of Granite Construction and gave the company a “buy” rating in a research report on Monday, October 29th. They noted that the move was a valuation call. Canaccord Genuity reissued a “buy” rating and set a $65.00 target price (down previously from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. Finally, Zacks Investment Research downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Granite Construction presently has an average rating of “Buy” and a consensus target price of $66.20.
In other Granite Construction news, Director James Hildebrand Roberts sold 2,200 shares of the firm’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $53.08, for a total transaction of $116,776.00. Following the transaction, the director now owns 61,394 shares of the company’s stock, valued at approximately $3,258,793.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Federated Investors Inc. PA grew its position in shares of Granite Construction by 152.0% in the 2nd quarter. Federated Investors Inc. PA now owns 72,546 shares of the construction company’s stock worth $4,038,000 after buying an additional 43,756 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Granite Construction by 17.0% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 18,042 shares of the construction company’s stock worth $825,000 after buying an additional 2,624 shares during the last quarter. Liberty Mutual Group Asset Management Inc. grew its position in shares of Granite Construction by 15.3% in the 2nd quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock worth $504,000 after buying an additional 1,204 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Granite Construction in the 2nd quarter worth approximately $245,000. Finally, State of New Jersey Common Pension Fund D grew its position in shares of Granite Construction by 47.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 390,000 shares of the construction company’s stock worth $17,823,000 after buying an additional 125,000 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.
NYSE GVA traded down $0.90 during trading on Monday, reaching $50.60. 336,700 shares of the company’s stock traded hands, compared to its average volume of 391,083. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.73 and a current ratio of 1.84. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 2.44 and a beta of 1.07. Granite Construction has a 12-month low of $39.51 and a 12-month high of $68.58.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
Further Reading: Retained Earnings
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