Granite Construction Inc. to Post Q2 2019 Earnings of $0.65 Per Share, B. Riley Forecasts (GVA)

Granite Construction Inc. (NYSE:GVA) – Research analysts at B. Riley decreased their Q2 2019 earnings estimates for shares of Granite Construction in a research note issued on Monday, April 29th, Zacks Investment Research reports. B. Riley analyst A. Rygiel now forecasts that the construction company will post earnings per share of $0.65 for the quarter, down from their prior forecast of $0.98. B. Riley has a “Buy” rating and a $53.00 price target on the stock. B. Riley also issued estimates for Granite Construction’s FY2019 earnings at $2.75 EPS and FY2020 earnings at $3.60 EPS.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, April 26th. The construction company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.35). Granite Construction had a return on equity of 6.03% and a net margin of 0.57%. The firm had revenue of $619.80 million for the quarter, compared to analysts’ expectations of $644.46 million. During the same period last year, the firm earned ($0.13) earnings per share. Granite Construction’s revenue for the quarter was up 10.0% on a year-over-year basis.

A number of other brokerages also recently commented on GVA. MKM Partners lifted their target price on shares of Granite Construction from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, February 21st. ValuEngine raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Friday, February 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $58.50.

GVA stock traded down $1.02 during trading on Wednesday, reaching $41.27. 311,900 shares of the stock were exchanged, compared to its average volume of 333,129. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.12 and a quick ratio of 1.97. Granite Construction has a 1 year low of $38.55 and a 1 year high of $60.05. The company has a market capitalization of $1.98 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 2.13 and a beta of 1.20.

Several institutional investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC grew its holdings in shares of Granite Construction by 6.0% in the fourth quarter. Tributary Capital Management LLC now owns 398,628 shares of the construction company’s stock valued at $16,057,000 after purchasing an additional 22,693 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Granite Construction by 4.4% in the third quarter. Vanguard Group Inc. now owns 4,032,420 shares of the construction company’s stock valued at $184,282,000 after purchasing an additional 171,712 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of Granite Construction by 0.7% in the third quarter. Teachers Advisors LLC now owns 86,968 shares of the construction company’s stock valued at $3,974,000 after purchasing an additional 605 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Granite Construction by 3.7% in the fourth quarter. Arizona State Retirement System now owns 33,660 shares of the construction company’s stock valued at $1,356,000 after purchasing an additional 1,214 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in shares of Granite Construction in the first quarter valued at approximately $1,239,000. 96.76% of the stock is currently owned by institutional investors and hedge funds.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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Earnings History and Estimates for Granite Construction (NYSE:GVA)

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