Granite Construction (NYSE:GVA) Hits New 52-Week High – Here’s What Happened

Granite Construction Incorporated (NYSE:GVA) reached a new 52-week high during trading on Thursday . The stock traded as high as $84.55 and last traded at $84.44, with a volume of 1036419 shares trading hands. The stock had previously closed at $82.06.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research note on Wednesday, October 9th.

Granite Construction Stock Up 4.1 %

The company has a current ratio of 1.68, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. The firm has a market cap of $3.73 billion, a P/E ratio of 46.83 and a beta of 1.38. The firm’s 50 day moving average is $78.22 and its two-hundred day moving average is $68.01.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.41. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 EPS. As a group, research analysts anticipate that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.61%. Granite Construction’s dividend payout ratio is presently 29.89%.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total transaction of $346,100.00. Following the transaction, the senior vice president now directly owns 21,943 shares in the company, valued at approximately $1,518,894.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GVA. Rothschild Investment LLC acquired a new stake in shares of Granite Construction in the 2nd quarter valued at about $33,000. Wellington Shields & Co. LLC raised its stake in shares of Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after purchasing an additional 200 shares during the period. Blue Trust Inc. raised its stake in shares of Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock valued at $72,000 after purchasing an additional 360 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Granite Construction in the 2nd quarter valued at about $107,000. Finally, GAMMA Investing LLC raised its stake in shares of Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock valued at $159,000 after purchasing an additional 907 shares during the period.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.