DA Davidson Comments on Granite Construction Incorporated’s Q2 2024 Earnings (NYSE:GVA)

Granite Construction Incorporated (NYSE:GVA) – Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Granite Construction in a research report issued on Friday, May 3rd. DA Davidson analyst B. Thielman anticipates that the construction company will post earnings per share of $1.32 for the quarter. DA Davidson has a “Buy” rating and a $64.00 price objective on the stock. The consensus estimate for Granite Construction’s current full-year earnings is $4.29 per share. DA Davidson also issued estimates for Granite Construction’s FY2025 earnings at $5.52 EPS.

Separately, The Goldman Sachs Group upped their price objective on shares of Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, April 16th.

Granite Construction Stock Up 0.7 %

Shares of NYSE:GVA opened at $59.82 on Monday. Granite Construction has a 52-week low of $33.74 and a 52-week high of $61.62. The stock has a market cap of $2.64 billion, a P/E ratio of 101.39 and a beta of 1.45. The business has a fifty day moving average of $54.85 and a two-hundred day moving average of $49.40. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.51.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. The business had revenue of $933.70 million during the quarter. During the same period last year, the firm posted $0.56 EPS.

Institutional Investors Weigh In On Granite Construction

Institutional investors and hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC purchased a new position in Granite Construction during the 3rd quarter valued at about $27,000. Bank of New York Mellon Corp boosted its stake in shares of Granite Construction by 4.4% in the third quarter. Bank of New York Mellon Corp now owns 989,161 shares of the construction company’s stock valued at $37,608,000 after purchasing an additional 41,575 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Granite Construction by 19.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,205 shares of the construction company’s stock valued at $388,000 after purchasing an additional 1,644 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Granite Construction by 8.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,957 shares of the construction company’s stock worth $14,902,000 after buying an additional 31,438 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in Granite Construction during the 3rd quarter worth approximately $308,000.

Insider Buying and Selling at Granite Construction

In other news, Director Louis E. Caldera sold 1,263 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total transaction of $63,150.00. Following the completion of the transaction, the director now directly owns 8,528 shares in the company, valued at approximately $426,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.54% of the company’s stock.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.52 annualized dividend and a yield of 0.87%. Granite Construction’s dividend payout ratio (DPR) is 88.14%.

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.