Granite Construction Inc. (GVA) Expected to Post Quarterly Sales of $651.53 Million

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Analysts expect Granite Construction Inc. (NYSE:GVA) to announce $651.53 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Granite Construction’s earnings. The lowest sales estimate is $648.07 million and the highest is $655.00 million. Granite Construction posted sales of $563.38 million in the same quarter last year, which would indicate a positive year over year growth rate of 15.6%. The firm is scheduled to issue its next quarterly earnings results on Monday, April 29th.

On average, analysts expect that Granite Construction will report full-year sales of $3.74 billion for the current financial year. For the next fiscal year, analysts anticipate that the business will report sales of $4.08 billion, with estimates ranging from $3.99 billion to $4.18 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Granite Construction.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Wednesday, February 20th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.57). The company had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $966.85 million. Granite Construction had a return on equity of 8.19% and a net margin of 1.28%. Granite Construction’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS.

Several equities analysts have recently issued reports on the company. ValuEngine raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Friday, February 22nd. Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, January 8th. Goldman Sachs Group lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.00 to $50.00 in a research report on Monday, December 10th. MKM Partners set a $61.00 price target on shares of Granite Construction and gave the company a “buy” rating in a research report on Friday. Finally, TheStreet lowered shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Thursday, December 20th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Granite Construction currently has a consensus rating of “Buy” and an average target price of $59.60.

Several large investors have recently made changes to their positions in GVA. Fuller & Thaler Asset Management Inc. bought a new position in shares of Granite Construction during the 3rd quarter valued at approximately $64,479,000. Norges Bank bought a new position in Granite Construction in the 4th quarter worth approximately $20,605,000. Skyline Asset Management LP bought a new position in Granite Construction in the 4th quarter worth approximately $12,326,000. Amundi Pioneer Asset Management Inc. boosted its stake in Granite Construction by 73.1% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 611,524 shares of the construction company’s stock worth $24,632,000 after purchasing an additional 258,172 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Granite Construction by 41.9% in the 3rd quarter. Franklin Resources Inc. now owns 732,630 shares of the construction company’s stock worth $33,481,000 after purchasing an additional 216,214 shares during the period. Institutional investors own 99.15% of the company’s stock.

Shares of GVA traded down $2.77 during trading hours on Thursday, hitting $43.11. The company had a trading volume of 268,796 shares, compared to its average volume of 333,541. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.09 and a quick ratio of 1.96. The firm has a market cap of $2.01 billion, a PE ratio of 18.42, a P/E/G ratio of 1.73 and a beta of 1.22. Granite Construction has a 52-week low of $38.55 and a 52-week high of $60.11.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, March 28th. Granite Construction’s payout ratio is currently 22.22%.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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