Granite Construction Inc. (GVA) Reaches New 12-Month High at $50.53
Granite Construction Inc. (NYSE:GVA) shares hit a new 52-week high on Monday . The stock traded as high as $50.53 and last traded at $50.15, with a volume of 61,462 shares changing hands. The stock had previously closed at $49.94.
Several brokerages recently issued reports on GVA. Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. FBR & Co restated a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Seaport Global Securities restated a “neutral” rating on shares of Granite Construction in a report on Monday, April 11th. Cowen and Company began coverage on shares of Granite Construction in a report on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective on the stock. Finally, MKM Partners began coverage on shares of Granite Construction in a report on Wednesday, June 29th. They issued a “buy” rating and a $51.00 price objective on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Granite Construction presently has a consensus rating of “Buy” and a consensus target price of $50.57.
The firm has a market cap of $1.98 billion and a P/E ratio of 34.40. The stock has a 50 day moving average price of $44.82 and a 200 day moving average price of $42.89.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, April 29th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by $0.16. The firm earned $439.50 million during the quarter, compared to analyst estimates of $432.50 million. During the same period in the prior year, the company posted ($0.22) EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that Granite Construction Inc. will post $1.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Tuesday, June 28th.
In related news, Director William Glenwood Dorey sold 15,000 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $43.18, for a total transaction of $647,700.00. Following the sale, the director now owns 21,465 shares of the company’s stock, valued at $926,858.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Francis Donnino sold 10,000 shares of the stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $43.26, for a total value of $432,600.00. Following the sale, the senior vice president now directly owns 78,044 shares in the company, valued at approximately $3,376,183.44. The disclosure for this sale can be found here.
Several hedge funds recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in Granite Construction by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,469,935 shares of the company’s stock worth $105,987,000 after buying an additional 151,330 shares during the last quarter. Systematic Financial Management LP raised its stake in Granite Construction by 12.0% in the fourth quarter. Systematic Financial Management LP now owns 267,744 shares of the company’s stock worth $11,488,000 after buying an additional 28,662 shares during the last quarter. US Bancorp DE raised its stake in Granite Construction by 0.3% in the fourth quarter. US Bancorp DE now owns 87,598 shares of the company’s stock worth $3,759,000 after buying an additional 302 shares during the last quarter. Whitebox Advisors LLC bought a new stake in Granite Construction during the fourth quarter worth approximately $2,130,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in Granite Construction during the fourth quarter worth approximately $10,728,000.
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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