Granite Construction Inc. (GVA) Shares Up 1.9%
Shares of Granite Construction Inc. (NYSE:GVA) shot up 1.9% during mid-day trading on Monday . The company traded as high as $49.04 and last traded at $49.03, with a volume of 88,489 shares changing hands. The stock had previously closed at $48.12.
A number of research firms recently issued reports on GVA. Zacks Investment Research downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. FBR & Co reissued a “buy” rating on shares of Granite Construction in a research report on Monday, May 2nd. Goldman Sachs Group Inc. boosted their price target on Granite Construction from $43.00 to $48.00 in a research report on Monday, March 28th. Seaport Global Securities reissued a “neutral” rating on shares of Granite Construction in a research report on Monday, April 11th. Finally, Cowen and Company started coverage on Granite Construction in a research report on Thursday, April 14th. They set an “outperform” rating and a $55.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $51.14.
The stock has a market capitalization of $1.94 billion and a P/E ratio of 33.67. The stock has a 50 day moving average price of $45.65 and a 200 day moving average price of $43.10.
Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Friday, April 29th. The company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by $0.16. The company had revenue of $439.50 million for the quarter, compared to the consensus estimate of $432.50 million. During the same quarter last year, the business posted ($0.22) EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, equities analysts expect that Granite Construction Inc. will post $1.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.06%.
In other Granite Construction news, Director William Glenwood Dorey sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $43.18, for a total transaction of $647,700.00. Following the completion of the sale, the director now directly owns 21,465 shares of the company’s stock, valued at $926,858.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James Hildebrand Roberts sold 10,000 shares of the company’s 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 sale, the chief executive officer now directly owns 61,147 shares of the company’s stock, valued at $2,588,352.51. The disclosure for this sale can be found here.
Other hedge funds have made changes to their positions in 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 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 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 worth $1,411,000 after buying an additional 4,307 shares during the period. 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 worth $1,626,000 after buying an additional 1,200 shares during the period. Whitebox Advisors LLC purchased a new stake in shares of Granite Construction during the fourth quarter worth about $2,130,000. Finally, California State Teachers Retirement System boosted its stake in shares of Granite Construction by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 72,919 shares of the company’s stock worth $3,129,000 after buying an additional 1,159 shares during the period.
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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