Granite Construction Inc. (GVA) Reaches New 12-Month High at $51.31
Granite Construction Inc. (NYSE:GVA)’s share price hit a new 52-week high on Wednesday . The company traded as high as $51.31 and last traded at $51.14, with a volume of 189,439 shares traded. The stock had previously closed at $50.06.
A number of brokerages recently commented on GVA. Seaport Global Securities restated a “neutral” rating on shares of Granite Construction in a report on Monday, April 11th. MKM Partners began coverage on shares of Granite Construction in a report on Wednesday, June 29th. They set a “buy” rating and a $51.00 price objective on the stock. Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. Cowen and Company began coverage on shares of Granite Construction in a report on Thursday, April 14th. They set an “outperform” rating and a $55.00 price objective on the stock. Finally, FBR & Co restated a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $51.14.
The stock’s 50 day moving average is $46.31 and its 200 day moving average is $43.39. The firm has a market cap of $1.96 billion and a PE ratio of 33.93.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. During the same period in the prior year, the business posted $0.24 EPS. The business had revenue of $604.60 million for the quarter, compared to analysts’ expectations of $632.12 million. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Granite Construction Inc. will post $1.82 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Tuesday, June 28th.
In other news, Director William Glenwood Dorey sold 15,000 shares of the company’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $43.18, for a total value of $647,700.00. Following the sale, the director now directly owns 21,465 shares of the company’s stock, valued at approximately $926,858.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James Hildebrand Roberts sold 2,830 shares of the company’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $43.12, for a total transaction of $122,029.60. Following the completion of the sale, the chief executive officer now directly owns 60,053 shares in the company, valued at $2,589,485.36. The disclosure for this sale can be found here.
Several large investors have recently bought and sold shares of GVA. Liberty Mutual Group Asset Management Inc. raised its stake in Granite Construction by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 25,392 shares of the company’s stock worth $1,089,000 after buying an additional 8,620 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Granite Construction by 15.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 32,875 shares of the company’s stock valued at $1,411,000 after buying an additional 4,307 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of 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 valued at $1,626,000 after buying an additional 1,200 shares in the last quarter. Whitebox Advisors LLC bought a new position in shares of Granite Construction during the fourth quarter valued at about $2,130,000. Finally, Rhumbline Advisers raised its position in shares of Granite Construction by 1.9% in the fourth quarter. Rhumbline Advisers now owns 85,888 shares of the company’s stock valued at $3,685,000 after buying an additional 1,640 shares in the last quarter.
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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