Research Analysts Offer Predictions for GVA FY2024 Earnings

Granite Construction Incorporated (NYSE:GVA - Free Report) - Stock analysts at DA Davidson dropped their FY2024 EPS estimates for Granite Construction in a note issued to investors on Wednesday, November 13th. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings per share of $4.98 for the year, down from their previous estimate of $5.55. The consensus estimate for Granite Construction's current full-year earnings is $5.55 per share.

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

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

Granite Construction Stock Down 0.1 %

NYSE GVA traded down $0.13 during trading hours on Friday, hitting $95.61. 321,838 shares of the company were exchanged, compared to its average volume of 541,398. Granite Construction has a 52-week low of $43.92 and a 52-week high of $99.32. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 43.86 and a beta of 1.39. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The company has a 50 day moving average of $83.08 and a two-hundred day moving average of $71.17.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction's payout ratio is currently 23.85%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new position in shares of Granite Construction during the 2nd quarter valued at about $33,000. Blue Trust Inc. increased its stake in shares of Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock valued at $72,000 after acquiring an additional 360 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Granite Construction during the 2nd quarter valued at about $107,000. GAMMA Investing LLC increased its stake in shares of Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company's stock valued at $159,000 after acquiring an additional 907 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Granite Construction during the 3rd quarter valued at about $203,000.

About Granite Construction

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.