Granite Construction (NYSE:GVA) Hits New 1-Year High at $67.31

Shares of Granite Construction Incorporated (NYSE:GVA) reached a new 52-week high on Tuesday . The company traded as high as $67.31 and last traded at $67.29, with a volume of 199647 shares trading hands. The stock had previously closed at $65.57.

Wall Street Analysts Forecast Growth

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

Granite Construction Stock Performance

The company has a market capitalization of $2.99 billion, a P/E ratio of 114.64 and a beta of 1.41. The stock’s fifty day moving average price is $62.08 and its 200-day moving average price is $55.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.51.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.28. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. The firm had revenue of $672.28 million for the quarter. As a group, research 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 was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.77%. The ex-dividend date was Friday, June 28th. Granite Construction’s dividend payout ratio is 88.14%.

Insider Buying and Selling

In other Granite Construction 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 transaction, the senior vice president now directly owns 7,423 shares of the company’s stock, valued at approximately $454,361.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of Granite Construction by 2.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,379 shares of the construction company’s stock valued at $426,000 after acquiring an additional 187 shares during the period. Wellington Shields & Co. LLC raised its stake in Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock worth $49,000 after purchasing an additional 200 shares in the last quarter. 1492 Capital Management LLC boosted its holdings in Granite Construction by 0.7% in the 4th quarter. 1492 Capital Management LLC now owns 41,068 shares of the construction company’s stock valued at $2,089,000 after purchasing an additional 275 shares during the period. Alpha Cubed Investments LLC grew its position in shares of Granite Construction by 7.2% during the 2nd quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after purchasing an additional 305 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Granite Construction by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 38,450 shares of the construction company’s stock worth $2,197,000 after purchasing an additional 498 shares during the period.

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.