Granite Construction (NYSE:GVA) Reaches New 1-Year High – Here’s Why
by Teresa Graham · The Cerbat GemGranite Construction Incorporated (NYSE:GVA – Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $148.58 and last traded at $148.0420, with a volume of 24503 shares traded. The stock had previously closed at $146.67.
Wall Street Analyst Weigh In
Several analysts have recently commented on GVA shares. Oppenheimer assumed coverage on shares of Granite Construction in a report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price objective on the stock. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Finally, Weiss Ratings lowered shares of Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Granite Construction currently has an average rating of “Hold” and a consensus price target of $149.67.
Get Our Latest Report on Granite Construction
Granite Construction Stock Up 2.3%
The business’s fifty day simple moving average is $134.52 and its two-hundred day simple moving average is $126.40. The company has a market cap of $6.57 billion, a PE ratio of 43.19 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.09 and a quick ratio of 0.97.
Granite Construction (NYSE:GVA – Get Free Report) last posted its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The business had revenue of $912.47 million for the quarter, compared to analyst estimates of $782.26 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. On average, analysts predict that Granite Construction Incorporated will post 6.14 earnings per share for the current year.
Granite Construction Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Granite Construction’s dividend payout ratio (DPR) is presently 14.99%.
Insiders Place Their Bets
In other Granite Construction news, Director John Timothy Romer bought 375 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were purchased at an average price of $143.65 per share, for a total transaction of $53,868.75. Following the transaction, the director directly owned 2,801 shares of the company’s stock, valued at approximately $402,363.65. This represents a 15.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kyle T. Larkin sold 26,651 shares of Granite Construction stock in a transaction on Friday, March 27th. The shares were sold at an average price of $118.12, for a total transaction of $3,148,016.12. Following the completion of the sale, the chief executive officer directly owned 114,881 shares in the company, valued at $13,569,743.72. This represents a 18.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 40,885 shares of company stock valued at $5,155,010 over the last ninety days. 0.88% of the stock is owned by corporate insiders.
Institutional Trading of Granite Construction
Institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in shares of Granite Construction by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 52,374 shares of the construction company’s stock worth $6,279,000 after purchasing an additional 10,484 shares during the last quarter. Empowered Funds LLC purchased a new stake in Granite Construction during the 1st quarter worth approximately $1,160,000. Quantinno Capital Management LP raised its holdings in shares of Granite Construction by 39.1% during the first quarter. Quantinno Capital Management LP now owns 11,405 shares of the construction company’s stock valued at $1,367,000 after acquiring an additional 3,207 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Granite Construction in the first quarter valued at approximately $473,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Granite Construction in the first quarter valued at approximately $25,562,000.
Granite Construction Company Profile
Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.
In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.