Granite Construction Inc. (GVA) Sets New 52-Week High at $51.31
Granite Construction Inc. (NYSE:GVA) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $51.31 and last traded at $51.14, with a volume of 189,439 shares. The stock had previously closed at $50.06.
Several brokerages have recently issued reports on GVA. MKM Partners raised their price objective on Granite Construction from $51.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Wednesday, April 27th. Cowen and Company began coverage on Granite Construction in a research note on Thursday, April 14th. They issued an “outperform” rating and a $55.00 price objective for the company. Seaport Global Securities restated a “neutral” rating on shares of Granite Construction in a research note on Monday, April 11th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Granite Construction in a report on Monday, May 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $51.14.
The company has a market cap of $2.02 billion and a PE ratio of 35.00. The company has a 50 day moving average of $45.97 and a 200-day moving average of $43.28.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Friday, April 29th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.16. The firm earned $439.50 million during the quarter, compared to analyst estimates of $432.50 million. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) earnings per share. On average, equities research analysts predict that Granite Construction Inc. will post $1.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.02%.
In other news, CEO James Hildebrand Roberts sold 2,830 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $43.12, for a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Francis Donnino sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 5th. The shares were sold at an average price of $43.26, for a total value of $432,600.00. Following the completion of 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.
Other hedge funds have recently bought and sold shares of the company. Liberty Mutual Group Asset Management Inc. increased 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 valued at $1,089,000 after buying an additional 8,620 shares during the last quarter. State Board of Administration of Florida Retirement System increased 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 valued at $1,411,000 after buying an additional 4,307 shares during the last quarter. New York State Common Retirement Fund increased 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 valued at $1,626,000 after buying an additional 1,200 shares during the last quarter. Whitebox Advisors LLC purchased a new stake in Granite Construction during the fourth quarter valued at $2,130,000. Finally, California State Teachers Retirement System increased its stake in Granite Construction by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 72,919 shares of the company’s stock valued at $3,129,000 after buying an additional 1,159 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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