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

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

Granite Construction Price Performance

Shares of GVA opened at $86.50 on Friday. The company has a 50 day moving average of $78.47 and a two-hundred day moving average of $68.12. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 49.71 and a beta of 1.38. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75. Granite Construction has a twelve month low of $43.50 and a twelve month high of $88.67.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.60%. Granite Construction’s payout ratio is 29.89%.

Insider Activity

In related news, SVP Michael G. Tatusko sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

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

Granite Construction Company Profile

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.