Granite Construction Incorporated (GVA) to Issue Quarterly Dividend of $0.13 on October 13th
Granite Construction Incorporated (NYSE:GVA) announced a quarterly dividend on Wednesday, September 13th, RTT News reports. Shareholders of record on Friday, September 29th will be given a dividend of 0.13 per share by the construction company on Friday, October 13th. This represents a $0.52 annualized dividend and a yield of 0.90%. The ex-dividend date is Thursday, September 28th.
Granite Construction has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Granite Construction to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 16.9%.
Shares of Granite Construction (NYSE GVA) opened at 58.05 on Friday. The firm’s 50-day moving average price is $53.41 and its 200 day moving average price is $50.59. The company has a market capitalization of $2.31 billion, a PE ratio of 52.82 and a beta of 1.17. Granite Construction has a 52-week low of $42.59 and a 52-week high of $62.18.
Granite Construction (NYSE:GVA) last issued its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.25). The company had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. Granite Construction’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities analysts forecast that Granite Construction will post $1.49 earnings per share for the current year.
A number of equities analysts have recently issued reports on the stock. FBR & Co increased their price objective on shares of Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Cowen and Company reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research note on Tuesday. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research note on Saturday, August 26th. BidaskClub upgraded shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $63.67.
In other news, insider James D. Richards sold 4,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by company insiders.
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Granite Construction Company Profile
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. The Company operates across the nation, serving both public and private sector clients.
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