Granite Construction Inc. (GVA) Hits New 1-Year High at $49.79
Granite Construction Inc. (NYSE:GVA)’s share price 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 changing hands. The stock had previously closed at $48.74.
Several equities analysts have recently issued reports on the company. MKM Partners assumed coverage on Granite Construction in a report on Wednesday, June 29th. They issued a “buy” rating and a $51.00 target price for the company. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. FBR & Co reissued a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Seaport Global Securities reissued a “neutral” rating on shares of Granite Construction in a report on Monday, April 11th. Finally, Cowen and Company started coverage on Granite Construction in a report on Thursday, April 14th. They set an “outperform” rating and a $55.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $50.57.
The company has a market cap of $1.95 billion and a PE ratio of 33.78. The stock has a 50 day moving average of $44.36 and a 200-day moving average of $42.79.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, April 29th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.12) by $0.16. The business had revenue of $439.50 million for the quarter, compared to analyst estimates of $432.50 million. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.22) EPS. Analysts forecast that Granite Construction Inc. will post $1.82 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, June 28th.
In other news, CEO James Hildebrand Roberts sold 10,000 shares of the company’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 sale, the chief executive officer now directly owns 61,147 shares in the company, valued at approximately $2,588,352.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Glenwood Dorey sold 15,000 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $43.18, for a total transaction of $647,700.00. Following the sale, the director now owns 21,465 shares in the company, valued at $926,858.70. The disclosure for this sale can be found here.
Several hedge funds have made changes to their positions in GVA. Wells Fargo & Company MN boosted its stake in shares of 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 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 about $10,728,000. Dimensional Fund Advisors LP boosted its stake in shares of Granite Construction by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,469,935 shares of the company’s stock valued at $105,987,000 after buying an additional 151,330 shares in the last quarter. Whitebox Advisors LLC acquired a new stake in shares of Granite Construction during the fourth quarter valued at about $2,130,000. Finally, First Trust Advisors LP boosted its stake in shares of Granite Construction by 40.3% in the fourth quarter. First Trust Advisors LP now owns 121,196 shares of the company’s stock valued at $5,201,000 after buying an additional 34,790 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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