$962.24 Million in Sales Expected for Granite Construction Inc. (GVA) This Quarter

Wall Street analysts forecast that Granite Construction Inc. (NYSE:GVA) will post sales of $962.24 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Granite Construction’s earnings, with the lowest sales estimate coming in at $950.00 million and the highest estimate coming in at $974.47 million. Granite Construction posted sales of $801.27 million during the same quarter last year, which suggests a positive year over year growth rate of 20.1%. The business is expected to announce its next earnings report on Friday, February 15th.

According to Zacks, analysts expect that Granite Construction will report full year sales of $3.39 billion for the current financial year, with estimates ranging from $3.38 billion to $3.40 billion. For the next financial year, analysts anticipate that the business will report sales of $3.78 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Granite Construction.

Granite Construction (NYSE:GVA) last released its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on GVA shares. TheStreet lowered shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. DA Davidson set a $60.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a report on Wednesday, August 1st. ValuEngine raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a report on Saturday, October 27th. Finally, MKM Partners set a $55.00 price objective on shares of Granite Construction and gave the company a “buy” rating in a report on Tuesday, October 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Granite Construction has an average rating of “Buy” and a consensus target price of $66.20.

Several institutional investors and hedge funds have recently made changes to their positions in GVA. Principal Financial Group Inc. grew its holdings in shares of Granite Construction by 2.5% in the first quarter. Principal Financial Group Inc. now owns 174,763 shares of the construction company’s stock valued at $9,763,000 after purchasing an additional 4,314 shares during the period. Xact Kapitalforvaltning AB grew its holdings in shares of Granite Construction by 18.5% in the second quarter. Xact Kapitalforvaltning AB now owns 7,037 shares of the construction company’s stock valued at $392,000 after purchasing an additional 1,100 shares during the period. Bank of Montreal Can grew its holdings in shares of Granite Construction by 5.1% in the second quarter. Bank of Montreal Can now owns 251,650 shares of the construction company’s stock valued at $14,006,000 after purchasing an additional 12,178 shares during the period. Retirement Systems of Alabama grew its holdings in shares of Granite Construction by 14.1% in the second quarter. Retirement Systems of Alabama now owns 58,871 shares of the construction company’s stock valued at $3,277,000 after purchasing an additional 7,280 shares during the period. Finally, Amalgamated Bank grew its holdings in shares of Granite Construction by 22.7% in the second quarter. Amalgamated Bank now owns 6,976 shares of the construction company’s stock valued at $388,000 after purchasing an additional 1,291 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Granite Construction stock opened at $51.38 on Monday. Granite Construction has a 52-week low of $39.51 and a 52-week high of $68.58. The firm has a market cap of $2.41 billion, a PE ratio of 31.72, a price-to-earnings-growth ratio of 2.46 and a beta of 1.07. The company has a quick ratio of 1.73, a current ratio of 1.84 and a debt-to-equity ratio of 0.23.

About Granite Construction

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)

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