DA Davidson Has Strong Estimate for GVA FY2024 Earnings

Granite Construction Incorporated (NYSE:GVA) – DA Davidson upped their FY2024 earnings per share (EPS) estimates for shares of Granite Construction in a research note issued to investors on Friday, November 1st. DA Davidson analyst B. Thielman now forecasts that the construction company will earn $5.55 per share for the year, up from their prior forecast of $5.24. The consensus estimate for Granite Construction’s current full-year earnings is $5.24 per share. DA Davidson also issued estimates for Granite Construction’s Q4 2024 earnings at $1.42 EPS and FY2025 earnings at $5.68 EPS.

Granite Construction (NYSE:GVA) last released its quarterly 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). The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.69 EPS.

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

Granite Construction Stock Performance

NYSE GVA opened at $87.82 on Monday. The business’s 50-day moving average price is $78.73 and its 200 day moving average price is $68.54. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The firm has a market cap of $3.84 billion, a P/E ratio of 40.28 and a beta of 1.39. Granite Construction has a 52-week low of $43.92 and a 52-week high of $89.11.

Institutional Investors Weigh In On Granite Construction

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UniSuper Management Pty Ltd purchased a new position in shares of Granite Construction in the 1st quarter valued at about $607,000. Comerica Bank boosted its stake in shares of Granite Construction by 177.6% during the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after acquiring an additional 72,621 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Granite Construction by 296.6% in the 1st quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock worth $751,000 after acquiring an additional 9,825 shares during the period. Castleark Management LLC increased its stake in Granite Construction by 4.3% in the 1st quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock valued at $4,146,000 after purchasing an additional 2,960 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in Granite Construction during the second quarter worth $4,513,000.

Granite Construction Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s dividend payout ratio is presently 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.