Granite Construction (GVA) Issues Earnings Results

Granite Construction (NYSE:GVA) released its quarterly earnings data on Friday. The construction company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.04, Morningstar.com reports. The company had revenue of $801.30 million for the quarter, compared to analyst estimates of $753.83 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share.

Shares of Granite Construction (NYSE:GVA) opened at $60.36 on Friday. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.58. The company has a quick ratio of 1.71, a current ratio of 1.79 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2,407.76, a price-to-earnings ratio of 37.49, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a $0.13 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.86%. Granite Construction’s dividend payout ratio is currently 30.59%.

In related news, Director Claes Bjork sold 1,264 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the sale, the director now owns 50,972 shares in the company, valued at approximately $3,213,784.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Engineers Gate Manager LP purchased a new stake in shares of Granite Construction in the 3rd quarter valued at $1,491,000. Personal Capital Advisors Corp raised its holdings in shares of Granite Construction by 34.3% in the 4th quarter. Personal Capital Advisors Corp now owns 23,199 shares of the construction company’s stock valued at $1,472,000 after buying an additional 5,922 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Granite Construction in the 3rd quarter valued at $289,000. Cortina Asset Management LLC raised its holdings in shares of Granite Construction by 1.3% in the 3rd quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after buying an additional 8,253 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Granite Construction by 8.1% in the 3rd quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after buying an additional 29,217 shares during the period. Hedge funds and other institutional investors own 99.05% of the company’s stock.

A number of equities analysts have weighed in on the company. B. Riley reissued a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Zacks Investment Research upgraded Granite Construction from a “sell” rating to a “hold” rating in a research report on Wednesday, January 3rd. DA Davidson restated a “hold” rating and issued a $65.00 target price on shares of Granite Construction in a research report on Monday, October 30th. Canaccord Genuity lifted their target price on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, October 30th. Finally, Cowen lifted their target price on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Granite Construction has a consensus rating of “Buy” and an average target price of $69.00.

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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.

Earnings History for Granite Construction (NYSE:GVA)

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