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

Granite Construction (NYSE:GVA) announced its quarterly earnings results on Thursday. The construction company reported $2.05 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.46), Briefing.com reports. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates 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 was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.69 earnings per share. Granite Construction updated its FY 2024 guidance to EPS.

Granite Construction Stock Performance

Shares of Granite Construction stock traded up $2.42 on Friday, reaching $86.47. 1,606,080 shares of the stock were exchanged, compared to its average volume of 533,433. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $3.78 billion, a PE ratio of 50.23 and a beta of 1.38. Granite Construction has a 1-year low of $43.50 and a 1-year high of $88.67. The business has a fifty day moving average price of $78.47 and a two-hundred day moving average price of $68.12.

Granite Construction Announces Dividend

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

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is currently owned by insiders.

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.