Granite Construction (NYSE:GVA) Posts Quarterly Earnings Results, Misses Estimates By $0.46 EPS

Granite Construction (NYSE:GVA) posted its earnings results on Thursday. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46), Briefing.com reports. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.69 EPS. Granite Construction updated its FY 2024 guidance to EPS.

Granite Construction Price Performance

Shares of GVA traded up $2.45 during midday trading on Friday, hitting $86.50. 1,644,428 shares of the company traded hands, compared to its average volume of 533,613. Granite Construction has a one year low of $43.50 and a one year high of $88.67. The firm has a market cap of $3.78 billion, a P/E ratio of 49.70 and a beta of 1.38. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56. The stock has a 50-day moving average of $78.47 and a 200-day moving average of $68.12.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 0.60%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is presently 29.89%.

Insider Activity

In other news, SVP Michael G. Tatusko sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total transaction of $346,100.00. Following the completion of the transaction, the senior vice president now directly owns 21,943 shares in the company, valued at $1,518,894.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

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 note on Wednesday, October 9th.

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.