What is DA Davidson's Estimate for GVA FY2024 Earnings?

Granite Construction Incorporated (NYSE:GVA - Free Report) - Stock analysts at DA Davidson boosted their FY2024 EPS estimates for Granite Construction in a research note issued on Friday, November 1st. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings per share of $5.55 for the year, up from their previous forecast of $5.24. The consensus estimate for Granite Construction's current full-year earnings is $5.24 per share. DA Davidson also issued estimates for Granite Construction's Q4 2024 earnings at $1.42 EPS and FY2025 earnings at $5.68 EPS.

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

Granite Construction Price Performance

Granite Construction stock traded up $1.35 during mid-day trading on Monday, reaching $87.82. 1,290,664 shares of the company's stock traded hands, compared to its average volume of 537,168. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 39.67 and a beta of 1.39. The stock has a 50 day moving average of $78.73 and a two-hundred day moving average of $68.54. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. Granite Construction has a 12-month low of $43.92 and a 12-month high of $89.11.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in Granite Construction by 99.3% during the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company's stock worth $159,221,000 after acquiring an additional 1,280,288 shares in the last quarter. Hood River Capital Management LLC bought a new position in Granite Construction during the 2nd quarter worth about $29,143,000. Pinnacle Associates Ltd. grew its holdings in Granite Construction by 3.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 179,355 shares of the construction company's stock worth $14,219,000 after acquiring an additional 5,528 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Granite Construction by 51.0% during the 1st quarter. Russell Investments Group Ltd. now owns 152,730 shares of the construction company's stock worth $8,725,000 after acquiring an additional 51,597 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in Granite Construction by 16.0% during the 2nd quarter. Raymond James & Associates now owns 128,511 shares of the construction company's stock worth $7,964,000 after acquiring an additional 17,738 shares in the last quarter.

Insider Transactions at Granite Construction

In other news, SVP Michael G. Tatusko sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total value of $346,100.00. Following the transaction, the senior vice president now directly owns 21,943 shares in the company, valued at approximately $1,518,894.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.81% of the company's stock.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction's payout ratio is presently 23.85%.

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.