Granite Construction Inc. (NYSE:GVA) declared a quarterly dividend on Thursday, September 8th. Shareholders of record on Friday, September 30th will be paid a dividend of 0.13 per share on Friday, October 14th. This represents a $0.52 annualized dividend and a yield of 1.08%. The ex-dividend date is Wednesday, September 28th.
Granite Construction (NYSE:GVA) opened at 48.32 on Tuesday. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 31.07 and a beta of 1.48. The firm has a 50-day moving average of $48.32 and a 200 day moving average of $46.19. Granite Construction has a 52 week low of $28.45 and a 52 week high of $51.35.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.47 by $0.12. The business earned $604.60 million during the quarter, compared to analysts’ expectations of $632.12 million. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 EPS. On average, analysts anticipate that Granite Construction will post $1.57 EPS for the current year.
In other Granite Construction news, Director James Hildebrand Roberts sold 6,612 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $49.18, for a total value of $325,178.16. Following the transaction, the director now directly owns 51,705 shares of the company’s stock, valued at approximately $2,542,851.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David H. Kelsey sold 1,113 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total value of $56,863.17. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. acquired a new position in shares of Granite Construction during the second quarter worth about $169,000. Barclays PLC increased its stake in shares of Granite Construction by 578.8% in the second quarter. Barclays PLC now owns 3,808 shares of the company’s stock worth $174,000 after buying an additional 3,247 shares during the period. Profund Advisors LLC increased its stake in shares of Granite Construction by 15.7% in the second quarter. Profund Advisors LLC now owns 8,456 shares of the company’s stock worth $385,000 after buying an additional 1,146 shares during the period. Sei Investments Co. purchased a new stake in shares of Granite Construction during the second quarter worth $396,000. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Granite Construction by 3.8% in the second quarter. Ameritas Investment Partners Inc. now owns 9,293 shares of the company’s stock worth $423,000 after buying an additional 342 shares during the period. 93.18% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the company. MKM Partners boosted their target price on Granite Construction from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. FBR & Co boosted their target price on Granite Construction from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. DA Davidson reiterated a “hold” rating and set a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Janney Montgomery Scott reiterated a “hold” rating and set a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Finally, Seaport Global Securities upgraded Granite Construction from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $60.00 in a report on Monday, August 1st. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $53.70.
About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
Receive News & Ratings for Granite Construction Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Inc. and related companies with MarketBeat.com's FREE daily email newsletter.