Granite Construction Incorporated Expected to Post Q2 2024 Earnings of $1.32 Per Share (NYSE:GVA)

Granite Construction Incorporated (NYSE:GVA) – Analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Granite Construction in a research note issued to investors on Friday, May 3rd. DA Davidson analyst B. Thielman expects that the construction company will earn $1.32 per share for the quarter. DA Davidson has a “Buy” rating and a $64.00 price objective on the stock. The consensus estimate for Granite Construction’s current full-year earnings is $4.29 per share. DA Davidson also issued estimates for Granite Construction’s FY2025 earnings at $5.52 EPS.

Separately, The Goldman Sachs Group upped their target price on shares of Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a report on Tuesday, April 16th.

Granite Construction Stock Performance

Shares of NYSE GVA opened at $59.56 on Monday. The stock has a market cap of $2.63 billion, a PE ratio of 100.95 and a beta of 1.45. Granite Construction has a 1 year low of $33.74 and a 1 year high of $61.62. The firm has a fifty day moving average price of $55.04 and a 200-day moving average price of $49.57. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.51 and a quick ratio of 1.39.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 22nd. The construction company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. The firm had revenue of $933.70 million for the quarter. During the same quarter last year, the firm posted $0.56 EPS.

Institutional Investors Weigh In On Granite Construction

Several large investors have recently bought and sold shares of GVA. Wasatch Advisors LP lifted its position in Granite Construction by 637.4% during the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock valued at $53,523,000 after purchasing an additional 809,803 shares during the last quarter. Norges Bank bought a new position in shares of Granite Construction in the 4th quarter valued at about $13,755,000. Frontier Capital Management Co. LLC grew its position in Granite Construction by 21.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock worth $70,596,000 after acquiring an additional 246,154 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Granite Construction during the third quarter worth approximately $8,554,000. Finally, Hennessy Advisors Inc. purchased a new stake in Granite Construction during the fourth quarter valued at approximately $3,814,000.

Insider Buying and Selling at Granite Construction

In related news, SVP Bradley Jay Williams sold 750 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total transaction of $45,907.50. Following the completion of the transaction, the senior vice president now directly owns 7,423 shares of the company’s stock, valued at $454,361.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Bradley Jay Williams sold 750 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total value of $45,907.50. Following the sale, the senior vice president now directly owns 7,423 shares in the company, valued at $454,361.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Louis E. Caldera sold 1,263 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $50.00, for a total value of $63,150.00. Following the transaction, the director now directly owns 8,528 shares of the company’s stock, valued at $426,400. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.13 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.52 annualized dividend and a yield of 0.87%. Granite Construction’s payout ratio is 88.14%.

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.