Granite Construction (NYSE:GVA) Reaches New 1-Year High at $75.62

Granite Construction Incorporated (NYSE:GVA)’s stock price hit a new 52-week high on Friday . The company traded as high as $75.62 and last traded at $75.17, with a volume of 36694 shares. The stock had previously closed at $74.29.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped their price objective on shares of Granite Construction from $55.00 to $61.00 and gave the company a “sell” rating in a report on Friday, August 2nd.

Granite Construction Stock Performance

The company has a 50-day moving average price of $69.19 and a two-hundred day moving average price of $61.93. The stock has a market capitalization of $3.34 billion, a P/E ratio of 129.44 and a beta of 1.39. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.41. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. Granite Construction’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 earnings per share. Equities analysts expect that Granite Construction Incorporated will post 5.24 earnings per share for the current year.

Granite Construction Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Monday, September 30th. Granite Construction’s dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling

In related news, SVP Michael G. Tatusko sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total value of $346,100.00. Following the transaction, the senior vice president now directly owns 21,943 shares in the company, valued at $1,518,894.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GVA. Millennium Management LLC grew its position in Granite Construction by 99.3% during the second quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock valued at $159,221,000 after acquiring an additional 1,280,288 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Granite Construction by 637.4% during the first quarter. Wasatch Advisors LP now owns 936,858 shares of the construction company’s stock valued at $53,523,000 after purchasing an additional 809,803 shares during the period. Hood River Capital Management LLC purchased a new stake in shares of Granite Construction during the second quarter valued at approximately $29,143,000. Norges Bank purchased a new stake in shares of Granite Construction during the fourth quarter valued at approximately $13,755,000. Finally, Frontier Capital Management Co. LLC boosted its stake in shares of Granite Construction by 21.6% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,388,044 shares of the construction company’s stock valued at $70,596,000 after purchasing an additional 246,154 shares during the period.

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.