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

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

Wall Street Analysts Forecast Growth

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

Granite Construction Trading Up 4.1 %

The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56. The business has a 50-day moving average of $78.22 and a 200-day moving average of $68.01. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 46.83 and a beta of 1.38.

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

Granite Construction Announces Dividend

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

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the business’s stock in a transaction that occurred on 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 owns 21,943 shares of the company’s stock, valued at $1,518,894.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Granite Construction

A number of institutional investors have recently made changes to their positions in GVA. Millennium Management LLC boosted its holdings in shares of Granite Construction by 99.3% during the second quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company’s stock worth $159,221,000 after acquiring an additional 1,280,288 shares during the period. Hood River Capital Management LLC bought a new stake in shares of Granite Construction during the second quarter worth approximately $29,143,000. Highbridge Capital Management LLC bought a new stake in shares of Granite Construction during the second quarter worth approximately $4,513,000. Aristeia Capital L.L.C. bought a new stake in shares of Granite Construction during the second quarter worth approximately $4,513,000. Finally, Comerica Bank boosted its holdings in shares of Granite Construction by 177.6% during the first quarter. Comerica Bank now owns 113,514 shares of the construction company’s stock worth $6,485,000 after acquiring an additional 72,621 shares during the period.

About Granite Construction

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.