Granite Construction (NYSE:GVA) Reaches New 1-Year High at $65.14

Granite Construction Incorporated (NYSE:GVA) hit a new 52-week high during trading on Monday . The stock traded as high as $65.14 and last traded at $64.78, with a volume of 87905 shares traded. The stock had previously closed at $63.18.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group upped their price objective on shares of Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a report on Tuesday, April 16th.

Granite Construction Stock Performance

The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $61.63 and its 200-day moving average is $55.05. The company has a market capitalization of $2.84 billion, a P/E ratio of 107.08 and a beta of 1.41.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.28. The company had revenue of $672.28 million during the quarter. Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. Equities analysts anticipate that Granite Construction Incorporated will post 4.76 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.81%. Granite Construction’s payout ratio is 88.14%.

Insider Buying and Selling

In related news, SVP Bradley Jay Williams sold 750 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total value of $45,907.50. Following the completion of the transaction, the senior vice president now directly owns 7,423 shares in the company, valued at approximately $454,361.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is owned by company insiders.

Institutional Trading of Granite Construction

A number of institutional investors and hedge funds have recently bought and sold shares of GVA. Raymond James Financial Services Advisors Inc. bought a new stake in Granite Construction during the 4th quarter valued at about $290,000. Occidental Asset Management LLC boosted its holdings in shares of Granite Construction by 8.2% during the 4th quarter. Occidental Asset Management LLC now owns 31,963 shares of the construction company’s stock valued at $1,626,000 after acquiring an additional 2,415 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Granite Construction during the 4th quarter valued at about $556,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Granite Construction during the 4th quarter valued at about $388,000. Finally, Toth Financial Advisory Corp boosted its holdings in shares of Granite Construction by 35.1% during the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock valued at $127,000 after acquiring an additional 650 shares during the last quarter.

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.