Analysts forecast that Granite Construction Inc. (NYSE:GVA) will announce $1.18 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Granite Construction’s earnings, with the lowest sales estimate coming in at $1.15 billion and the highest estimate coming in at $1.20 billion. Granite Construction posted sales of $957.13 million in the same quarter last year, which would indicate a positive year over year growth rate of 23.3%. The firm is expected to issue its next earnings results on Friday, October 26th.

On average, analysts expect that Granite Construction will report full-year sales of $3.51 billion for the current financial year, with estimates ranging from $3.48 billion to $3.55 billion. For the next financial year, analysts anticipate that the business will post sales of $4.07 billion per share, with estimates ranging from $3.94 billion to $4.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Granite Construction.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Wednesday, August 8th. The construction company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($1.01). The business had revenue of $807.10 million for the quarter, compared to the consensus estimate of $897.70 million. Granite Construction had a net margin of 1.88% and a return on equity of 8.35%. Granite Construction’s revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS.

Several equities analysts have weighed in on GVA shares. ValuEngine lowered Granite Construction from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 8th. Zacks Investment Research raised Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research note on Wednesday, August 1st. Canaccord Genuity reissued a “buy” rating and issued a $65.00 price objective (down from $75.00) on shares of Granite Construction in a research note on Thursday, August 9th. MKM Partners dropped their price target on shares of Granite Construction to $74.00 and set a “buy” rating on the stock in a research report on Friday, May 25th. Finally, TheStreet lowered Granite Construction from a “b” rating to a “c+” rating in a research note on Monday, August 13th. One investment 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. The stock currently has a consensus rating of “Buy” and an average price target of $69.43.

Shares of Granite Construction stock traded down $0.16 during midday trading on Thursday, reaching $45.15. 359,400 shares of the company’s stock traded hands, compared to its average volume of 350,362. The company has a market capitalization of $2.06 billion, a P/E ratio of 27.83, a P/E/G ratio of 2.13 and a beta of 1.23. The company has a current ratio of 1.53, a quick ratio of 1.42 and a debt-to-equity ratio of 0.22. Granite Construction has a 52 week low of $40.76 and a 52 week high of $68.58.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date is Thursday, September 27th. Granite Construction’s dividend payout ratio (DPR) is currently 32.10%.

In related news, Director Claes Bjork acquired 6,500 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were bought at an average price of $44.25 per share, for a total transaction of $287,625.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale bought a new stake in shares of Granite Construction during the first quarter valued at approximately $137,000. Natixis bought a new stake in Granite Construction in the 1st quarter valued at $207,000. Quantbot Technologies LP bought a new stake in Granite Construction in the 1st quarter valued at $239,000. Commonwealth Equity Services LLC bought a new stake in Granite Construction in the 1st quarter valued at $240,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in Granite Construction in the 2nd quarter valued at $245,000. Hedge funds and other institutional investors own 95.60% of the company’s stock.

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.

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Earnings History and Estimates for Granite Construction (NYSE:GVA)

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