Granite Construction Inc. (GVA) Reaches New 52-Week High at $50.53
Granite Construction Inc. (NYSE:GVA)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $50.53 and last traded at $50.15, with a volume of 61,462 shares trading hands. The stock had previously closed at $49.94.
A number of equities analysts recently commented on the company. Goldman Sachs Group Inc. increased their price target on Granite Construction from $43.00 to $48.00 in a research note on Monday, March 28th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Granite Construction in a research note on Monday, April 11th. MKM Partners assumed coverage on Granite Construction in a research note on Wednesday, June 29th. They issued a “buy” rating and a $51.00 price objective for the company. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. Finally, Cowen and Company assumed coverage on Granite Construction in a research note on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $51.14.
The firm has a market capitalization of $1.95 billion and a PE ratio of 33.76. The stock has a 50 day moving average price of $45.18 and a 200 day moving average price of $42.97.
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 the Thomson Reuters’ consensus estimate of ($0.12) by $0.16. The company earned $439.50 million during the quarter, compared to analysts’ expectations of $432.50 million. During the same period in the previous year, the company posted ($0.22) EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts anticipate that Granite Construction Inc. will post $1.82 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.06%.
In other Granite Construction news, Director William Glenwood Dorey sold 15,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 21,465 shares of the company’s stock, valued at $926,858.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Hildebrand Roberts sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $42.33, for a total value of $423,300.00. Following the transaction, the chief executive officer now directly owns 61,147 shares of the company’s stock, valued at approximately $2,588,352.51. The disclosure for this sale can be found here.
Other large investors recently bought and sold shares of the company. 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 period. Retirement Systems of Alabama raised its stake in Granite Construction by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 50,605 shares of the company’s stock worth $2,171,000 after buying an additional 666 shares during the period. California State Teachers Retirement System raised its stake in Granite Construction by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 72,919 shares of the company’s stock worth $3,129,000 after buying an additional 1,159 shares during the period. New York State Common Retirement Fund raised its stake in Granite Construction by 3.3% in the fourth quarter. New York State Common Retirement Fund now owns 37,900 shares of the company’s stock worth $1,626,000 after buying an additional 1,200 shares during the period. Finally, Rhumbline Advisers raised its stake in Granite Construction by 1.9% in the fourth quarter. Rhumbline Advisers now owns 85,888 shares of the company’s stock worth $3,685,000 after buying an additional 1,640 shares during the period.
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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