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.
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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