Granite Construction (NYSE:GVA) Hits New 1-Year High – Here’s What Happened

Shares of Granite Construction Incorporated (NYSE:GVA) reached a new 52-week high during trading on Friday . The company traded as high as $99.72 and last traded at $99.08, with a volume of 37497 shares changing hands. The stock had previously closed at $98.21.

Analyst Upgrades and Downgrades

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

Granite Construction Trading Up 1.2 %

The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 45.26 and a beta of 1.39. 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 company’s 50 day simple moving average is $85.05 and its two-hundred day simple moving average is $72.30.

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

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.52%. Granite Construction’s dividend payout ratio (DPR) is currently 23.85%.

Institutional Trading of Granite Construction

A number of institutional investors and hedge funds have recently modified their holdings of GVA. Rothschild Investment LLC bought a new stake in Granite Construction during the second quarter valued at about $33,000. Blue Trust Inc. boosted its stake in Granite Construction by 66.4% during 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 Granite Construction in the 2nd quarter valued at approximately $107,000. GAMMA Investing LLC increased its position in Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after buying an additional 907 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Granite Construction during the third quarter worth approximately $203,000.

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.