Granite Construction Incorporated (NYSE:GVA) Announces Quarterly Dividend of $0.13

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Wednesday, December 11th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.13 per share by the construction company on Wednesday, January 15th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.54%.

Granite Construction has a dividend payout ratio of 10.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Granite Construction to earn $5.68 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 9.2%.

Granite Construction Stock Performance

NYSE:GVA traded up $1.44 during mid-day trading on Wednesday, reaching $97.14. The stock had a trading volume of 403,842 shares, compared to its average volume of 535,904. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The business has a 50 day simple moving average of $90.17 and a 200 day simple moving average of $75.79. Granite Construction has a twelve month low of $43.92 and a twelve month high of $105.20. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 43.86 and a beta of 1.41.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The company’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the business posted $1.69 earnings per share. On average, analysts expect that Granite Construction will post 4.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.