Equities Analysts Offer Predictions for Granite Construction Incorporated’s Q3 2017 Earnings (GVA)
Granite Construction Incorporated (NYSE:GVA) – Investment analysts at DA Davidson increased their Q3 2017 EPS estimates for shares of Granite Construction in a report released on Wednesday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $1.07 per share for the quarter, up from their prior estimate of $1.01. DA Davidson also issued estimates for Granite Construction’s Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $1.50 EPS and FY2018 earnings at $2.90 EPS.
A number of other brokerages also recently weighed in on GVA. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday. FBR & Co dropped their price objective on Granite Construction from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 3rd. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, April 14th. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Granite Construction presently has an average rating of “Buy” and an average price target of $62.14.
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Granite Construction (NYSE:GVA) opened at 53.14 on Thursday. Granite Construction has a 12 month low of $42.59 and a 12 month high of $62.18. The firm’s 50-day moving average price is $49.23 and its 200 day moving average price is $50.96. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 48.35 and a beta of 1.20.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.60 by $0.25. The firm had revenue of $762.90 million for the quarter, compared to analysts’ expectations of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend was Wednesday, June 28th. Granite Construction’s payout ratio is 48.60%.
In other news, Director James Hildebrand Roberts sold 17,442 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the transaction, the director now directly owns 54,594 shares in the company, valued at $2,748,261.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Howard Powell sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Sei Investments Co. acquired a new stake in shares of Granite Construction during the first quarter valued at approximately $119,000. Tower Research Capital LLC TRC raised its stake in shares of Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock valued at $130,000 after buying an additional 1,367 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Granite Construction by 44.0% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock valued at $200,000 after buying an additional 1,215 shares during the last quarter. Laurion Capital Management LP acquired a new stake in shares of Granite Construction during the first quarter valued at approximately $216,000. Finally, Norman Fields Gottscho Capital Management LLC acquired a new stake in shares of Granite Construction during the second quarter valued at approximately $224,000. Hedge funds and other institutional investors own 94.07% of the company’s stock.
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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