DA Davidson Cuts Earnings Estimates for Granite Construction

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

Granite Construction (NYSE:GVA) last announced 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 earned $1.69 earnings per share. The business’s quarterly revenue was up 14.2% compared to the same quarter last year.

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

Granite Construction Stock Performance

GVA stock opened at $95.75 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The stock has a market cap of $4.19 billion, a P/E ratio of 43.92 and a beta of 1.39. The firm has a 50 day simple moving average of $82.60 and a 200 day simple moving average of $70.90. Granite Construction has a 52 week low of $43.92 and a 52 week high of $99.32.

Granite Construction Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is currently 23.85%.

Hedge Funds Weigh In On Granite Construction

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd bought a new position in Granite Construction during the first quarter valued at approximately $607,000. Comerica Bank raised its position in Granite Construction by 177.6% during the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after acquiring an additional 72,621 shares in the last quarter. SG Americas Securities LLC raised its position in Granite Construction by 296.6% during the first quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock valued at $751,000 after acquiring an additional 9,825 shares in the last quarter. Castleark Management LLC raised its position in Granite Construction by 4.3% during the first quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock valued at $4,146,000 after acquiring an additional 2,960 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new position in Granite Construction during the second quarter valued at approximately $4,513,000.

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.