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

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Wednesday, September 11th, RTT News reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.13 per share by the construction company on Tuesday, October 15th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.70%.

Granite Construction has a dividend payout ratio of 10.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Granite Construction to earn $5.67 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 Up 1.8 %

Shares of NYSE:GVA traded up $1.30 during mid-day trading on Thursday, hitting $74.04. 40,745 shares of the company traded hands, compared to its average volume of 491,078. The firm’s 50 day simple moving average is $68.42 and its 200 day simple moving average is $61.57. The firm has a market cap of $3.27 billion, a P/E ratio of 123.29 and a beta of 1.39. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.56 and a current ratio of 1.68. Granite Construction has a 52-week low of $33.74 and a 52-week high of $75.36.

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

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a report on Friday, August 2nd.

Insiders Place Their Bets

In other news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the completion of the transaction, the senior vice president now owns 21,943 shares in the company, valued at approximately $1,518,894.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.81% of the stock is owned by company insiders.

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.