DA Davidson Issues Pessimistic Forecast for GVA Earnings

Granite Construction Incorporated (NYSE:GVA) – Investment analysts at DA Davidson cut their FY2024 earnings estimates for shares of Granite Construction in a research report issued on Wednesday, November 13th. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings of $4.98 per share for the year, down from their prior forecast of $5.55. The consensus estimate for Granite Construction’s current full-year earnings is $5.55 per share.

Separately, The Goldman Sachs Group upped their price target on shares of Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research report on Wednesday, October 9th.

Granite Construction Stock Performance

Shares of GVA stock opened at $95.61 on Friday. The company has a market cap of $4.18 billion, a P/E ratio of 43.86 and a beta of 1.39. The business has a 50 day moving average of $83.08 and a two-hundred day moving average of $71.28. Granite Construction has a 52 week low of $43.92 and a 52 week high of $99.32. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the business posted $1.69 EPS. Granite Construction’s revenue was up 14.2% compared to the same quarter last year.

Institutional Trading of Granite Construction

Hedge funds and other institutional investors have recently modified their holdings of the company. Castleark Management LLC boosted its position in shares of Granite Construction by 0.9% during the 3rd quarter. Castleark Management LLC now owns 72,520 shares of the construction company’s stock valued at $5,749,000 after purchasing an additional 670 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of Granite Construction by 3.2% during the 3rd quarter. Systematic Financial Management LP now owns 604,950 shares of the construction company’s stock worth $47,960,000 after acquiring an additional 18,586 shares in the last quarter. Petrus Trust Company LTA raised its position in shares of Granite Construction by 19.1% during the third quarter. Petrus Trust Company LTA now owns 8,305 shares of the construction company’s stock worth $658,000 after purchasing an additional 1,331 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Granite Construction in the 3rd quarter valued at $203,000. Finally, HighTower Advisors LLC raised its holdings in Granite Construction by 176.4% during the 3rd quarter. HighTower Advisors LLC now owns 15,092 shares of the construction company’s stock worth $1,199,000 after buying an additional 9,631 shares during the period.

Granite Construction Dividend Announcement

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