Granite Construction Inc. (GVA) Expected to Announce Quarterly Sales of $760.21 Million

Wall Street analysts forecast that Granite Construction Inc. (NYSE:GVA) will report sales of $760.21 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Granite Construction’s earnings. The lowest sales estimate is $741.76 million and the highest is $785.00 million. Granite Construction posted sales of $666.68 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 14%. The firm is scheduled to announce its next earnings results on Friday, February 16th.

According to Zacks, analysts expect that Granite Construction will report full-year sales of $760.21 million for the current fiscal year, with estimates ranging from $2.93 billion to $2.97 billion. For the next financial year, analysts expect that the company will report sales of $3.29 billion per share, with estimates ranging from $3.25 billion to $3.34 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Granite Construction.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The business had revenue of $957.10 million for the quarter, compared to the consensus estimate of $905.14 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. Granite Construction’s revenue for the quarter was up 19.1% compared to the same quarter last year.

A number of research analysts have recently weighed in on the company. B. Riley reiterated a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. FBR & Co reiterated a “buy” rating and set a $68.00 price target on shares of Granite Construction in a report on Tuesday, October 3rd. Seaport Global Securities downgraded Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 price target on the stock. in a report on Wednesday, October 11th. Cowen reiterated a “buy” rating and set a $70.00 price target on shares of Granite Construction in a report on Tuesday, September 19th. Finally, DA Davidson reiterated a “hold” rating and set a $65.00 price target on shares of Granite Construction in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $67.00.

In related news, Director William Howard Powell sold 3,103 shares of Granite Construction stock in a transaction on Friday, November 10th. The stock was sold at an average price of $63.85, for a total transaction of $198,126.55. Following the completion of the sale, the director now owns 46,771 shares of the company’s stock, valued at $2,986,328.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GVA. Franklin Resources Inc. boosted its position in Granite Construction by 80.4% during the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock valued at $70,350,000 after purchasing an additional 649,831 shares during the last quarter. Voya Investment Management LLC lifted its position in shares of Granite Construction by 3,702.5% in the second quarter. Voya Investment Management LLC now owns 614,566 shares of the construction company’s stock worth $29,647,000 after buying an additional 598,404 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Granite Construction by 39.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,131,699 shares of the construction company’s stock worth $54,594,000 after buying an additional 322,720 shares during the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of Granite Construction by 72.1% in the second quarter. Frontier Capital Management Co. LLC now owns 708,328 shares of the construction company’s stock worth $34,170,000 after buying an additional 296,681 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Granite Construction in the second quarter worth about $13,615,000. 98.59% of the stock is owned by hedge funds and other institutional investors.

Granite Construction (NYSE GVA) opened at $65.68 on Tuesday. Granite Construction has a twelve month low of $45.14 and a twelve month high of $67.39. 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 firm has a market capitalization of $2,615.41, a price-to-earnings ratio of 50.88, a PEG ratio of 5.76 and a beta of 1.24.

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About Granite Construction

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.

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Earnings History and Estimates for Granite Construction (NYSE:GVA)

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