Granite Construction (NYSE:GVA) Reaches New 52-Week High at $69.00

Granite Construction Incorporated (NYSE:GVA)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $69.00 and last traded at $69.00, with a volume of 1100 shares changing hands. The stock had previously closed at $68.83.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Up 0.2 %

The stock has a 50-day moving average price of $62.44 and a 200-day moving average price of $56.19. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.51 and a quick ratio of 1.39. The company has a market capitalization of $3.05 billion, a P/E ratio of 116.66 and a beta of 1.41.

Granite Construction (NYSE:GVA) last released 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. Granite Construction had a net margin of 0.98% and a return on equity of 14.91%. The firm had revenue of $672.28 million during the quarter. On average, research analysts predict that Granite Construction Incorporated will post 4.76 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.13 per share. The ex-dividend date was Friday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.75%. Granite Construction’s dividend payout ratio (DPR) is currently 88.14%.

Insiders Place Their Bets

In related news, SVP Bradley Jay Williams sold 750 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total transaction of $45,907.50. Following the sale, the senior vice president now owns 7,423 shares in the company, valued at approximately $454,361.83. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Granite Construction

Several hedge funds have recently modified their holdings of GVA. GAMMA Investing LLC bought a new stake in Granite Construction in the fourth quarter valued at $43,000. Wellington Shields & Co. LLC grew its stake in shares of Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after buying an additional 200 shares during the period. Riverview Trust Co bought a new stake in Granite Construction in the 1st quarter valued at about $107,000. Toth Financial Advisory Corp raised its stake in Granite Construction by 35.1% during the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock worth $127,000 after buying an additional 650 shares during the period. Finally, Bard Financial Services Inc. bought a new position in Granite Construction in the second quarter worth approximately $215,000.

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.