Granite Construction Incorporated Expected to Earn Q2 2018 Earnings of $0.87 Per Share (GVA)
Granite Construction Incorporated (NYSE:GVA) – Griffin Securities issued their Q2 2018 EPS estimates for shares of Granite Construction in a research note issued to investors on Wednesday. Griffin Securities analyst M. Ajzenman forecasts that the construction company will earn $0.87 per share for the quarter. Griffin Securities also issued estimates for Granite Construction’s Q3 2018 earnings at $1.44 EPS and Q4 2018 earnings at $0.87 EPS.
Other equities analysts have also recently issued reports about the company. FBR & Co increased their price target on Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Canaccord Genuity restated a “buy” rating and set a $70.00 price target on shares of Granite Construction in a report on Wednesday, May 3rd. BidaskClub upgraded Granite Construction from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. Finally, Zacks Investment Research upgraded Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. One investment 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. Granite Construction presently has a consensus rating of “Buy” and a consensus price target of $62.14.
Shares of Granite Construction (NYSE GVA) traded up 1.71% on Monday, reaching $54.12. 84,069 shares of the company’s stock were exchanged. Granite Construction has a 52-week low of $42.59 and a 52-week high of $62.18. The stock has a market cap of $2.16 billion, a P/E ratio of 49.24 and a beta of 1.20. The company’s 50 day moving average price is $49.23 and its 200-day moving average price is $50.96.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.60 by $0.25. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same period in the previous year, the business earned $0.35 EPS. The firm’s revenue was up 26.2% compared to the same quarter last year.
A number of institutional investors have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D boosted its position in shares of Granite Construction by 39.7% in the first quarter. State of New Jersey Common Pension Fund D now owns 510,000 shares of the construction company’s stock valued at $25,597,000 after buying an additional 145,000 shares during the period. Sapphire Star Partners LP boosted its position in shares of Granite Construction by 9.4% in the first quarter. Sapphire Star Partners LP now owns 7,008 shares of the construction company’s stock valued at $352,000 after buying an additional 604 shares during the period. Dubuque Bank & Trust Co. bought a new position in shares of Granite Construction during the first quarter valued at $248,000. Independent Portfolio Consultants Inc. boosted its position in shares of Granite Construction by 19.8% in the first quarter. Independent Portfolio Consultants Inc. now owns 19,710 shares of the construction company’s stock valued at $989,000 after buying an additional 3,260 shares during the period. Finally, Profund Advisors LLC boosted its position in shares of Granite Construction by 3.5% in the first quarter. Profund Advisors LLC now owns 6,667 shares of the construction company’s stock valued at $335,000 after buying an additional 228 shares during the period. Institutional investors and hedge funds own 93.96% of the company’s stock.
In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the transaction, the director now directly owns 54,594 shares in the company, valued at approximately $2,748,261.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William Howard Powell sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the transaction, the director now owns 49,858 shares in the company, valued at $2,472,956.80. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Wednesday, June 28th. Granite Construction’s dividend payout ratio is currently 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.
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