Granite Construction Inc. (GVA) Reaches New 52-Week High at $49.79
Granite Construction Inc. (NYSE:GVA) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.79 and last traded at $49.60, with a volume of 80,145 shares traded. The stock had previously closed at $48.74.
Several research firms have recently issued reports on GVA. Zacks Investment Research cut Granite Construction from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. FBR & Co restated a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Goldman Sachs Group Inc. upped their price objective on Granite Construction from $43.00 to $48.00 in a report on Monday, March 28th. Seaport Global Securities restated a “neutral” rating on shares of Granite Construction in a report on Monday, April 11th. Finally, Cowen and Company assumed coverage on Granite Construction in a report on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Granite Construction presently has a consensus rating of “Buy” and an average target price of $50.57.
The company has a market capitalization of $1.95 billion and a price-to-earnings ratio of 33.87. The company’s 50 day moving average is $43.90 and its 200 day moving average is $42.69.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, April 29th. The company reported ($0.28) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.16. During the same period in the previous year, the business earned ($0.22) EPS. The company earned $439.50 million during the quarter, compared to analyst estimates of $432.50 million. Granite Construction’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts anticipate that Granite Construction Inc. will post $1.82 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.07%.
In related news, CEO James Hildebrand Roberts sold 2,830 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was 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 of the company’s stock, valued at approximately $2,589,485.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Francis Donnino sold 10,000 shares of the firm’s 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 of the company’s stock, valued at $3,376,183.44. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in the stock. Liberty Mutual Group Asset Management Inc. boosted 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 boosted its stake in 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 worth $1,411,000 after buying an additional 4,307 shares in the last quarter. New York State Common Retirement Fund boosted 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 in the last quarter. Morgan Stanley boosted its stake in Granite Construction by 69.5% in the fourth quarter. Morgan Stanley now owns 49,401 shares of the company’s stock worth $2,120,000 after buying an additional 20,263 shares in the last quarter. Finally, Whitebox Advisors LLC acquired a new stake in Granite Construction during the fourth quarter worth $2,130,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.