DA Davidson Equities Analysts Raise Earnings Estimates for Granite Construction Inc. (GVA)

Granite Construction Inc. (NYSE:GVA) – Equities researchers at DA Davidson upped their Q2 2018 EPS estimates for shares of Granite Construction in a research note issued on Tuesday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $0.87 per share for the quarter, up from their previous forecast of $0.83. DA Davidson has a “Neutral” rating and a $68.00 price objective on the stock. DA Davidson also issued estimates for Granite Construction’s Q3 2018 earnings at $1.66 EPS and Q4 2018 earnings at $0.88 EPS.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The firm had revenue of $801.30 million for the quarter, compared to analysts’ expectations of $753.83 million. During the same period last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year.

A number of other brokerages have also recently issued reports on GVA. Cowen raised their price objective on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Zacks Investment Research cut Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Canaccord Genuity raised their price objective on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, October 30th. Finally, B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. Granite Construction currently has an average rating of “Buy” and a consensus target price of $69.38.

Shares of Granite Construction (GVA) traded up $0.53 during trading hours on Wednesday, hitting $60.07. The stock had a trading volume of 37,995 shares, compared to its average volume of 290,664. Granite Construction has a 52-week low of $45.14 and a 52-week high of $68.58. The company has a market capitalization of $2,393.42, a PE ratio of 35.02, a P/E/G ratio of 2.55 and a beta of 1.21. The company has a quick ratio of 1.78, a current ratio of 1.88 and a debt-to-equity ratio of 0.18.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of Granite Construction by 1.5% in the fourth quarter. BlackRock Inc. now owns 4,100,245 shares of the construction company’s stock worth $260,079,000 after purchasing an additional 61,669 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Granite Construction by 1.0% in the third quarter. Ameriprise Financial Inc. now owns 1,695,658 shares of the construction company’s stock worth $98,260,000 after purchasing an additional 17,486 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Granite Construction by 5.7% in the fourth quarter. Alliancebernstein L.P. now owns 1,284,871 shares of the construction company’s stock worth $81,499,000 after purchasing an additional 69,611 shares during the last quarter. State Street Corp grew its stake in shares of Granite Construction by 4.5% in the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock worth $61,697,000 after purchasing an additional 55,202 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Granite Construction by 3.3% in the third quarter. Bank of New York Mellon Corp now owns 1,156,020 shares of the construction company’s stock worth $66,992,000 after purchasing an additional 36,721 shares during the last quarter. 96.80% of the stock is currently owned by institutional investors.

In related news, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction dated 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 directly owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.87%. Granite Construction’s payout ratio is presently 30.59%.

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About Granite Construction

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 and Estimates for Granite Construction (NYSE:GVA)

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