Granite Construction (NYSE:GVA) Sets New 12-Month High at $67.31

Shares of Granite Construction Incorporated (NYSE:GVA) reached a new 52-week high on Tuesday . The stock traded as high as $67.31 and last traded at $67.29, with a volume of 199647 shares traded. The stock had previously closed at $65.57.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a research report on Tuesday, April 16th.

Granite Construction Stock Performance

The company has a 50-day moving average price of $62.22 and a two-hundred day moving average price of $55.87. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $2.93 billion, a P/E ratio of 112.42 and a beta of 1.41.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, May 2nd. The construction company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.28. The company had revenue of $672.28 million during the quarter. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. On average, equities analysts forecast that Granite Construction Incorporated will post 4.76 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.13 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.78%. Granite Construction’s dividend payout ratio is presently 88.14%.

Insider Activity

In other Granite Construction news, SVP Bradley Jay Williams sold 750 shares of Granite Construction stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total transaction of $45,907.50. Following the completion of the transaction, the senior vice president now owns 7,423 shares in the company, valued at approximately $454,361.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Construction

A number of hedge funds have recently added to or reduced their stakes in GVA. Raymond James Financial Services Advisors Inc. acquired a new position in Granite Construction during the 4th quarter valued at about $290,000. Occidental Asset Management LLC boosted its stake in shares of Granite Construction by 8.2% in the 4th quarter. Occidental Asset Management LLC now owns 31,963 shares of the construction company’s stock worth $1,626,000 after buying an additional 2,415 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Granite Construction in the 4th quarter worth approximately $556,000. Sequoia Financial Advisors LLC purchased a new position in shares of Granite Construction in the 4th quarter worth approximately $388,000. Finally, Toth Financial Advisory Corp boosted its stake in shares of Granite Construction by 35.1% in the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock worth $127,000 after buying an additional 650 shares during the last quarter.

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.