Zacks: Brokerages Anticipate Granite Construction Inc. (GVA) Will Announce Earnings of -$0.22 Per Share

Wall Street analysts expect Granite Construction Inc. (NYSE:GVA) to announce earnings per share (EPS) of ($0.22) for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Granite Construction’s earnings, with estimates ranging from ($0.28) to ($0.15). Granite Construction posted earnings of ($0.13) per share in the same quarter last year, which suggests a negative year-over-year growth rate of 69.2%. The business is scheduled to announce its next quarterly earnings results before the market opens on Friday, April 26th.

According to Zacks, analysts expect that Granite Construction will report full year earnings of $3.55 per share for the current year, with EPS estimates ranging from $3.15 to $3.82. For the next fiscal year, analysts expect that the company will post earnings of $4.46 per share, with EPS estimates ranging from $4.36 to $4.55. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for Granite Construction.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Wednesday, February 20th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.57). Granite Construction had a return on equity of 8.19% and a net margin of 1.28%. The company had revenue of $892.00 million for the quarter, compared to the consensus estimate of $966.85 million. During the same quarter in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year.

Several research firms have recently issued reports on GVA. ValuEngine downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. TheStreet cut shares of Granite Construction from a “b” rating to a “c+” rating in a research note on Thursday, December 20th. Finally, MKM Partners upped their target price on shares of Granite Construction from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, February 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $59.60.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Granite Construction during the fourth quarter valued at approximately $20,605,000. Skyline Asset Management LP bought a new position in shares of Granite Construction during the 4th quarter worth about $12,326,000. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Granite Construction by 73.1% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 611,524 shares of the construction company’s stock worth $24,632,000 after purchasing an additional 258,172 shares during the period. Macquarie Group Ltd. increased its holdings in shares of Granite Construction by 21.6% during the 3rd quarter. Macquarie Group Ltd. now owns 1,043,855 shares of the construction company’s stock worth $47,704,000 after purchasing an additional 185,441 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Granite Construction by 19.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,039,514 shares of the construction company’s stock worth $41,872,000 after purchasing an additional 172,602 shares during the period. 96.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:GVA traded up $0.66 on Thursday, hitting $46.40. 304,205 shares of the company were exchanged, compared to its average volume of 318,102. Granite Construction has a one year low of $38.55 and a one year high of $60.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.96 and a current ratio of 2.09. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.83 and a beta of 1.20.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.13 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.12%. Granite Construction’s payout ratio is currently 22.22%.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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