DA Davidson Cuts Earnings Estimates for Granite Construction

Granite Construction Incorporated (NYSE:GVA) – Equities researchers at DA Davidson reduced their FY2024 earnings per share estimates for shares of Granite Construction in a research note issued on Wednesday, November 13th. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $4.98 per share for the year, down from their previous forecast of $5.55. The consensus estimate for Granite Construction’s current full-year earnings is $5.55 per share.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company posted $1.69 earnings per share. The company’s revenue was up 14.2% compared to the same quarter last year.

Separately, The Goldman Sachs Group boosted their price target on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research report on Wednesday, October 9th.

Granite Construction Trading Down 0.1 %

NYSE:GVA opened at $95.61 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The company has a market capitalization of $4.18 billion, a P/E ratio of 43.86 and a beta of 1.39. Granite Construction has a 52 week low of $43.92 and a 52 week high of $99.32. The stock’s 50 day moving average price is $83.08 and its 200 day moving average price is $71.28.

Institutional Trading of Granite Construction

A number of hedge funds have recently bought and sold shares of GVA. EFG Asset Management North America Corp. raised its holdings in Granite Construction by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock valued at $2,365,000 after acquiring an additional 180 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Granite Construction by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock valued at $763,000 after acquiring an additional 235 shares in the last quarter. Alpha Cubed Investments LLC raised its position in Granite Construction by 7.2% in the second quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after purchasing an additional 305 shares in the last quarter. Blue Trust Inc. lifted its stake in Granite Construction by 66.4% during the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in Granite Construction by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company’s stock valued at $1,376,000 after purchasing an additional 400 shares in the last quarter.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. Granite Construction’s dividend payout ratio (DPR) is presently 23.85%.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.