Wednesday, May 30, 2018

Zacks: Brokerages Anticipate Granite Construction Inc. (GVA) Will Announce Earnings of $0.89 Per Sha

Equities analysts expect Granite Construction Inc. (NYSE:GVA) to announce earnings per share (EPS) of $0.89 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Granite Construction’s earnings, with estimates ranging from $0.88 to $0.90. Granite Construction posted earnings per share of $0.35 in the same quarter last year, which indicates a positive year over year growth rate of 154.3%. The firm is expected to issue its next earnings results on Tuesday, August 7th.

According to Zacks, analysts expect that Granite Construction will report full year earnings of $3.36 per share for the current financial year, with EPS estimates ranging from $3.24 to $3.50. For the next fiscal year, analysts forecast that the company will post earnings of $4.50 per share, with EPS estimates ranging from $4.31 to $4.69. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Granite Construction.

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Granite Construction (NYSE:GVA) last released its quarterly earnings data on Monday, April 30th. The construction company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.24. The company had revenue of $563.40 million during the quarter, compared to analysts’ expectations of $534.77 million. Granite Construction had a return on equity of 8.82% and a net margin of 2.64%. The business’s revenue was up 20.3% on a year-over-year basis. During the same period last year, the firm posted ($0.60) earnings per share.

Several analysts recently weighed in on GVA shares. ValuEngine raised Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, May 8th. DA Davidson raised Granite Construction from a “neutral” rating to a “buy” rating in a report on Thursday, April 5th. Zacks Investment Research cut Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, MKM Partners dropped their price target on Granite Construction to $74.00 and set a “buy” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.29.

A number of institutional investors have recently bought and sold shares of GVA. Schwab Charles Investment Management Inc. increased its stake in Granite Construction by 6.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 299,912 shares of the construction company’s stock worth $19,024,000 after acquiring an additional 18,513 shares during the period. SG Americas Securities LLC increased its stake in Granite Construction by 2,194.6% during the 4th quarter. SG Americas Securities LLC now owns 58,720 shares of the construction company’s stock worth $3,725,000 after acquiring an additional 56,161 shares during the period. Investment House LLC bought a new position in Granite Construction during the 4th quarter worth $214,000. Parametrica Management Ltd bought a new position in Granite Construction during the 4th quarter worth $360,000. Finally, Victory Capital Management Inc. increased its stake in Granite Construction by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 859,962 shares of the construction company’s stock worth $54,547,000 after acquiring an additional 19,775 shares during the period. Hedge funds and other institutional investors own 96.16% of the company’s stock.

NYSE:GVA traded down $0.32 during mid-day trading on Tuesday, hitting $56.36. 11,957 shares of the stock were exchanged, compared to its average volume of 349,325. The stock has a market cap of $2.27 billion, a P/E ratio of 35.28, a PEG ratio of 2.41 and a beta of 1.36. The company has a current ratio of 1.92, a quick ratio of 1.80 and a debt-to-equity ratio of 0.18. Granite Construction has a fifty-two week low of $45.94 and a fifty-two week high of $68.58.

Granite Construction Company Profile

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.

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