Shares of Granite Construction Inc. (NYSE:GVA) hit a new 52-week high on Tuesday . The company traded as high as $51.35 and last traded at $51.09, with a volume of 97,617 shares traded. The stock had previously closed at $50.67.

GVA has been the subject of a number of research analyst reports. MKM Partners assumed coverage on shares of Granite Construction in a research note on Wednesday, June 29th. They issued a “buy” rating and a $51.00 price target for the company. Cowen and Company assumed coverage on shares of Granite Construction in a research note on Thursday, April 14th. They set an “outperform” rating and a $55.00 target price for the company. Seaport Global Securities reissued a “neutral” rating on shares of Granite Construction in a research note on Monday, April 11th. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Wednesday, April 27th. Finally, FBR & Co increased their target price on shares of Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $53.88.

The stock has a market cap of $2.03 billion and a price-to-earnings ratio of 32.91. The stock’s 50 day moving average price is $47.60 and its 200-day moving average price is $44.02.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by $0.12. The firm had revenue of $604.60 million for the quarter, compared to the consensus estimate of $632.12 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. Equities research analysts forecast that Granite Construction Inc. will post $1.58 EPS for the current fiscal year.

The firm also recently announced 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 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Tuesday, June 28th.

In related news, CEO James Hildebrand Roberts sold 10,000 shares of Granite Construction stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $42.33, for a total transaction of $423,300.00. Following the transaction, the chief executive officer now owns 61,147 shares of the company’s stock, valued at approximately $2,588,352.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Glenwood Dorey sold 15,000 shares of Granite Construction 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 transaction, the director now directly owns 21,465 shares in the company, valued at approximately $926,858.70. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its position 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 valued at $1,626,000 after buying an additional 1,200 shares during the last quarter. Liberty Mutual Group Asset Management Inc. raised its position 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 valued at $1,089,000 after buying an additional 8,620 shares during the last quarter. Wells Fargo & Company MN raised its position in Granite Construction by 854.5% in the fourth quarter. Wells Fargo & Company MN now owns 288,874 shares of the company’s stock valued at $12,396,000 after buying an additional 258,611 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Granite Construction during the fourth quarter valued at $10,728,000. Finally, US Bancorp DE raised its position in Granite Construction by 0.3% in the fourth quarter. US Bancorp DE now owns 87,598 shares of the company’s stock valued at $3,759,000 after buying an additional 302 shares during 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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