Granite Construction Inc. (GVA) Hits New 12-Month High at $51.35
Granite Construction Inc. (NYSE:GVA) shares reached a new 52-week high during trading on Tuesday . The stock 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.
Several research firms have recently issued reports on GVA. 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 for the company. 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 for the company. FBR & Co increased their price objective on shares of Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Seaport Global Securities upgraded shares of Granite Construction from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $60.00 in a report on Monday, August 1st. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Wednesday, April 27th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Granite Construction has an average rating of “Buy” and an average price target of $53.88.
The firm has a market capitalization of $2.00 billion and a price-to-earnings ratio of 32.48. The company’s 50 day moving average is $48.00 and its 200-day moving average is $44.16.
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 consensus estimate of $0.47 by $0.12. The company had revenue of $604.60 million for the quarter, compared to analysts’ expectations of $632.12 million. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 earnings per share. On average, equities research analysts predict that Granite Construction Inc. will post $1.58 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Tuesday, June 28th.
In other Granite Construction news, Director William Glenwood Dorey sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $43.18, for a total value of $647,700.00. Following the completion of the sale, the director now owns 21,465 shares in the company, valued at approximately $926,858.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Hildebrand Roberts sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $42.33, for a total transaction of $423,300.00. Following the completion of the sale, the chief executive officer now 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.
Several large investors have modified their holdings of the company. Liberty Mutual Group Asset Management Inc. boosted its stake in shares of 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 in the last quarter. New York State Common Retirement Fund boosted its stake 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. US Bancorp DE boosted its stake in shares of 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 in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of Granite Construction during the fourth quarter valued at approximately $10,728,000. Finally, Systematic Financial Management LP boosted its stake in shares of Granite Construction by 12.0% in the fourth quarter. Systematic Financial Management LP now owns 267,744 shares of the company’s stock valued at $11,488,000 after buying an additional 28,662 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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