Granite Construction (NYSE:GVA) Issues Earnings Results

Granite Construction (NYSE:GVA) announced its earnings results on Thursday. The construction company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.14, Zacks reports. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%.The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the firm earned $2.05 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. Granite Construction updated its FY 2025 guidance to EPS.

Granite Construction Stock Performance

Shares of Granite Construction stock traded down $1.50 on Friday, reaching $97.89. 157,335 shares of the company traded hands, compared to its average volume of 623,217. The firm has a market capitalization of $4.29 billion, a PE ratio of 31.98 and a beta of 1.42. The company has a 50 day moving average of $106.67 and a 200 day moving average of $97.39. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.57 and a quick ratio of 1.45. Granite Construction has a 52 week low of $69.08 and a 52 week high of $112.16.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, 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 0.5%. The ex-dividend date was Tuesday, September 30th. Granite Construction’s dividend payout ratio (DPR) is 16.99%.

Insider Activity

In related news, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total value of $165,240.00. Following the completion of the transaction, the director directly owned 10,601 shares of the company’s stock, valued at $1,167,806.16. This represents a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael G. Tatusko sold 2,000 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $110.00, for a total transaction of $220,000.00. Following the sale, the senior vice president owned 29,241 shares in the company, valued at approximately $3,216,510. This trade represents a 6.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,525 shares of company stock valued at $608,314 over the last quarter. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Granite Construction

Several hedge funds and other institutional investors have recently modified their holdings of GVA. WINTON GROUP Ltd purchased a new stake in shares of Granite Construction in the 2nd quarter worth $229,000. United Services Automobile Association purchased a new stake in Granite Construction in the first quarter worth about $207,000. Evergreen Capital Management LLC increased its position in Granite Construction by 4.5% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company’s stock valued at $263,000 after purchasing an additional 120 shares during the period. Quantinno Capital Management LP bought a new stake in shares of Granite Construction in the 2nd quarter valued at about $335,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Granite Construction by 110.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 5,106 shares of the construction company’s stock worth $560,000 after purchasing an additional 2,685 shares during the period.

Wall Street Analysts Forecast Growth

GVA has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Granite Construction in a research note on Tuesday, October 14th. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $76.00.

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.