DA Davidson Has Bearish Outlook for GVA FY2024 Earnings

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

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

Granite Construction Stock Down 0.1 %

Granite Construction stock opened at $95.61 on Friday. Granite Construction has a 52 week low of $43.92 and a 52 week high of $99.32. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 43.86 and a beta of 1.39. The business’s 50-day moving average price is $83.08 and its 200 day moving average price is $71.17. 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 announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.69 earnings per share.

Granite Construction Dividend Announcement

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

Institutional Trading of Granite Construction

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in Granite Construction by 99.3% in the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after acquiring an additional 1,280,288 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of Granite Construction during the second quarter worth about $29,143,000. Fisher Asset Management LLC increased its stake in shares of Granite Construction by 86.4% during the third quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after purchasing an additional 168,673 shares in the last quarter. Brightline Capital Management LLC acquired a new position in shares of Granite Construction during the 3rd quarter worth about $11,971,000. Finally, Highbridge Capital Management LLC purchased a new position in Granite Construction in the 2nd quarter valued at about $4,513,000.

About Granite Construction

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.