Granite Construction (NYSE:GVA) Reaches New 1-Year High – Here’s What Happened

Granite Construction Incorporated (NYSE:GVA) shares hit a new 52-week high during trading on Friday . The company traded as high as $99.72 and last traded at $99.08, with a volume of 37497 shares. The stock had previously closed at $98.21.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised their target price on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a report on Wednesday, October 9th.

Granite Construction Stock Performance

The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The firm has a 50-day moving average price of $85.50 and a 200 day moving average price of $72.57. The firm has a market capitalization of $4.34 billion, a PE ratio of 45.55 and a beta of 1.39.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.46). The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.69 earnings per share. Research analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.52%. Granite Construction’s dividend payout ratio is presently 23.85%.

Institutional Trading of Granite Construction

Several hedge funds have recently modified their holdings of the stock. Rothschild Investment LLC purchased a new stake in Granite Construction during the 2nd quarter worth about $33,000. Blue Trust Inc. raised its holdings in Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after acquiring an additional 360 shares in the last quarter. Headlands Technologies LLC purchased a new position in Granite Construction in the second quarter worth approximately $107,000. GAMMA Investing LLC grew its holdings in Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after acquiring an additional 907 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Granite Construction in the 3rd quarter valued at approximately $203,000.

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.