Granite Construction (NYSE:GVA) Hits New 12-Month High at $79.50

Granite Construction Incorporated (NYSE:GVA)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $79.50 and last traded at $78.86, with a volume of 6128 shares traded. The stock had previously closed at $77.50.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised their price objective on shares of Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a report on Friday, August 2nd.

Granite Construction Stock Up 2.4 %

The business’s fifty day moving average price is $70.24 and its 200 day moving average price is $62.56. The company has a market capitalization of $3.51 billion, a P/E ratio of 131.25 and a beta of 1.39. The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.41. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS. As a group, equities research analysts predict that Granite Construction Incorporated will post 5.24 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Monday, September 30th. Granite Construction’s dividend payout ratio is currently 88.14%.

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction dated 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 of the company’s stock, valued at approximately $1,518,894.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Granite Construction

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GVA. Norges Bank acquired a new stake in Granite Construction in the 4th quarter valued at about $13,755,000. Dynamic Technology Lab Private Ltd acquired a new stake in Granite Construction in the 4th quarter valued at about $413,000. Corient Private Wealth LLC acquired a new stake in Granite Construction in the 4th quarter valued at about $842,000. Trexquant Investment LP acquired a new stake in Granite Construction in the 4th quarter valued at about $2,316,000. Finally, Chesapeake Capital Corp IL acquired a new stake in Granite Construction in the 4th quarter valued at about $654,000.

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.