DA Davidson Has Pessimistic Outlook of GVA FY2024 Earnings

Granite Construction Incorporated (NYSE:GVA) – Equities researchers at DA Davidson decreased 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 earn $4.98 per share for the year, down from their prior forecast of $5.55. The consensus estimate for Granite Construction’s current full-year earnings is $5.55 per share.

Separately, The Goldman Sachs Group lifted their price target on 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

Shares of Granite Construction stock opened at $95.61 on Friday. 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 market cap of $4.18 billion, a price-to-earnings ratio of 43.86 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. Granite Construction has a one year low of $43.92 and a one year high of $99.32.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates 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 was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.69 EPS.

Granite Construction Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd purchased a new stake in Granite Construction in the first quarter valued at $607,000. Comerica Bank raised its holdings in Granite Construction by 177.6% in the 1st quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock valued at $6,485,000 after buying an additional 72,621 shares during the period. SG Americas Securities LLC lifted its position in Granite Construction by 296.6% in the first quarter. SG Americas Securities LLC now owns 13,138 shares of the construction company’s stock valued at $751,000 after buying an additional 9,825 shares during the last quarter. Castleark Management LLC boosted its stake in Granite Construction by 4.3% during the first quarter. Castleark Management LLC now owns 72,580 shares of the construction company’s stock worth $4,146,000 after buying an additional 2,960 shares during the period. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Granite Construction during the second 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.