Granite Construction (NYSE:GVA) Releases Earnings Results, Beats Estimates By $0.04 EPS
Granite Construction (NYSE:GVA) announced its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04, Morningstar.com reports. The company had revenue of $801.30 million during the quarter, compared to analyst estimates of $753.83 million. Granite Construction had a net margin of 2.31% and a return on equity of 6.97%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS.
Shares of Granite Construction (NYSE:GVA) opened at $61.94 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.88 and a quick ratio of 1.78. The stock has a market cap of $2,470.00, a PE ratio of 38.47, a P/E/G ratio of 2.77 and a beta of 1.30. Granite Construction has a 1-year low of $45.14 and a 1-year high of $68.58.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio is currently 32.30%.
Large investors have recently modified their holdings of the stock. Fieldpoint Private Securities LLC acquired a new stake in Granite Construction in the third quarter valued at approximately $106,000. Advisor Group Inc. raised its holdings in Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after acquiring an additional 1,170 shares in the last quarter. Royal Bank of Canada raised its holdings in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after purchasing an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Global X Management Co. LLC raised its holdings in Granite Construction by 75.2% during the fourth quarter. Global X Management Co. LLC now owns 2,760 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,185 shares in the last quarter. 96.05% of the stock is currently owned by hedge funds and other institutional investors.
GVA has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Tuesday, January 9th. DA Davidson boosted their target price on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 20th. Finally, Cowen upped their price objective on shares of Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and an average target price of $69.38.
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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.
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