Granite Construction Incorporated (NYSE:GVA – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $148.58 and last traded at $148.0420, with a volume of 24503 shares traded. The stock had previously closed at $146.67.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on GVA shares. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Oppenheimer initiated coverage on shares of Granite Construction in a research report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 target price for the company. Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Finally, Weiss Ratings downgraded shares of Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $149.67.
Get Our Latest Stock Analysis on Granite Construction
Granite Construction Trading Down 0.7%
Granite Construction (NYSE:GVA – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company had revenue of $912.47 million during the quarter, compared to the consensus estimate of $782.26 million. During the same period in the prior year, the company earned $0.01 EPS. Granite Construction’s revenue was up 30.4% on a year-over-year basis. On average, equities analysts anticipate that Granite Construction Incorporated will post 6.14 earnings per share for the current fiscal year.
Granite Construction Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.3%. Granite Construction’s dividend payout ratio is currently 14.99%.
Insider Buying and Selling at Granite Construction
In other news, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the completion of the sale, the senior vice president owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Timothy Romer acquired 375 shares of Granite Construction stock in a transaction dated Monday, June 15th. The shares were bought at an average cost of $143.65 per share, with a total value of $53,868.75. Following the completion of the purchase, the director owned 2,801 shares in the company, valued at approximately $402,363.65. This represents a 15.46% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 40,885 shares of company stock valued at $5,155,010 in the last ninety days. Company insiders own 0.88% of the company’s stock.
Institutional Investors Weigh In On Granite Construction
Institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System boosted its position in shares of Granite Construction by 25.0% in the 1st quarter. California State Teachers Retirement System now owns 52,374 shares of the construction company’s stock valued at $6,279,000 after purchasing an additional 10,484 shares during the period. Empowered Funds LLC acquired a new stake in Granite Construction during the 1st quarter worth about $1,160,000. Quantinno Capital Management LP raised its holdings in Granite Construction by 39.1% during the 1st quarter. Quantinno Capital Management LP now owns 11,405 shares of the construction company’s stock worth $1,367,000 after buying an additional 3,207 shares during the period. Entropy Technologies LP purchased a new stake in Granite Construction during the first quarter valued at about $473,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Granite Construction during the first quarter valued at about $25,562,000.
Granite Construction Company Profile
Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.
In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.
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