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.

Read More: What does relative strength index mean?

Get a free copy of the Zacks research report on Granite Construction (GVA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Granite Construction Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction and related companies with MarketBeat.com's FREE daily email newsletter.