Granite Construction (GVA) Releases Earnings Results

Granite Construction (NYSE:GVA) issued its earnings results on Friday. The construction company reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.13, RTT News reports. The firm had revenue of $801.30 million for the quarter, compared to the consensus estimate of $753.83 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS.

Shares of Granite Construction (GVA) opened at $60.36 on Friday. The firm has a market capitalization of $2,300.44, a price-to-earnings ratio of 46.79, a P/E/G ratio of 2.54 and a beta of 1.21. Granite Construction has a twelve month low of $45.14 and a twelve month high of $68.58. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Wednesday, March 28th. Granite Construction’s dividend payout ratio (DPR) is 40.31%.

A number of equities research analysts have weighed in on GVA shares. DA Davidson reaffirmed a “hold” rating and issued a $65.00 target price on shares of Granite Construction in a report on Monday, October 30th. Canaccord Genuity raised their target price on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a report on Monday, October 30th. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Tuesday, October 31st. B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Finally, Cowen raised their target price on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $69.00.

In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the sale, the director now directly owns 50,972 shares in the company, valued at approximately $3,213,784.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in GVA. Millennium Management LLC boosted its position in shares of Granite Construction by 4,703.3% in the 4th quarter. Millennium Management LLC now owns 500,025 shares of the construction company’s stock worth $31,717,000 after buying an additional 489,615 shares in the last quarter. Asset Management One Co. Ltd. purchased a new stake in shares of Granite Construction in the 3rd quarter worth about $10,719,000. Deutsche Bank AG boosted its position in shares of Granite Construction by 306.7% in the 4th quarter. Deutsche Bank AG now owns 192,578 shares of the construction company’s stock worth $12,213,000 after buying an additional 145,232 shares in the last quarter. Tygh Capital Management Inc. purchased a new stake in shares of Granite Construction in the 3rd quarter worth about $5,778,000. Finally, Victory Capital Management Inc. boosted its position in shares of Granite Construction by 13.0% in the 3rd quarter. Victory Capital Management Inc. now owns 840,187 shares of the construction company’s stock worth $48,689,000 after buying an additional 96,850 shares in the last quarter. Institutional investors and hedge funds own 99.05% of the company’s stock.

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Granite Construction Company Profile

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.

Earnings History for Granite Construction (NYSE:GVA)

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