Granite Construction (NYSE:GVA) Reaches New 52-Week High – What’s Next?

Granite Construction Incorporated (NYSE:GVA) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $84.05 and last traded at $83.01, with a volume of 78399 shares traded. The stock had previously closed at $82.23.

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 note on Wednesday, October 9th.

Granite Construction Stock Performance

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 company’s 50-day moving average is $76.23 and its two-hundred day moving average is $66.60. The stock has a market capitalization of $3.65 billion, a P/E ratio of 139.37 and a beta of 1.38.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.41. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates 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 for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction’s payout ratio is 88.14%.

Insider Buying and Selling

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $69.22, for a total value of $346,100.00. Following the transaction, the senior vice president now 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Granite Construction

A number of institutional investors have recently bought and sold shares of the stock. Rothschild Investment LLC acquired a new position in shares of Granite Construction in the second quarter worth about $33,000. Wellington Shields & Co. LLC lifted its position 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 acquiring an additional 200 shares in the last quarter. Blue Trust Inc. grew its position in Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Granite Construction during the 2nd quarter valued at $107,000. Finally, Riverview Trust Co acquired a new stake in Granite Construction during the 1st quarter valued at $107,000.

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.