Granite Construction Incorporated (GVA) Expected to Announce Quarterly Sales of $915.21 Million
Wall Street brokerages expect Granite Construction Incorporated (NYSE:GVA) to announce sales of $915.21 million for the current quarter, Zacks reports. Three analysts have issued estimates for Granite Construction’s earnings. The highest sales estimate is $925.00 million and the lowest is $903.63 million. Granite Construction posted sales of $803.91 million in the same quarter last year, which suggests a positive year over year growth rate of 13.8%. The company is scheduled to report its next quarterly earnings results on Friday, October 27th.
According to Zacks, analysts expect that Granite Construction will report full year sales of $915.21 million for the current fiscal year, with estimates ranging from $2.89 billion to $2.93 billion. For the next financial year, analysts anticipate that the business will post sales of $3.18 billion per share, with estimates ranging from $3.11 billion to $3.22 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Granite Construction.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Zacks’ 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 last year, the company posted $0.35 EPS. The business’s revenue was up 26.2% on a year-over-year basis.
A number of equities analysts have recently commented on GVA shares. BidaskClub upgraded shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. FBR & Co raised their price objective on shares of Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Canaccord Genuity restated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. Finally, Cowen and Company restated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $63.67.
Shares of Granite Construction (NYSE:GVA) traded up 0.90% during mid-day trading on Tuesday, hitting $58.05. 229,798 shares of the stock were exchanged. The stock’s 50-day moving average is $53.41 and its 200-day moving average is $50.59. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 52.82 and a beta of 1.17. Granite Construction has a 52 week low of $42.59 and a 52 week high of $62.18.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a $0.13 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.90%. Granite Construction’s dividend payout ratio (DPR) is currently 48.60%.
In other news, insider James D. Richards sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Sei Investments Co. bought a new stake in Granite Construction during the first quarter valued at approximately $119,000. 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 purchasing an additional 879 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Granite Construction by 111.1% during the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock valued at $130,000 after purchasing an additional 1,367 shares during the last quarter. 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 purchasing an additional 218 shares during the last quarter. 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 purchasing an additional 1,430 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.
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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