Granite Construction Inc. (NYSE:GVA) traded up 9.1% on Friday following a better than expected earnings announcement. The company traded as high as $63.97 and last traded at $63.15. 1,079,010 shares were traded during mid-day trading, an increase of 230% from the average session volume of 326,732 shares. The stock had previously closed at $57.87.
The construction company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. The company had revenue of $957.10 million during the quarter, compared to analysts’ expectations of $905.14 million. Granite Construction had a return on equity of 6.55% and a net margin of 2.13%. The business’s revenue was up 19.1% on a year-over-year basis. During the same period last year, the business earned $0.92 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.13 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.82%. Granite Construction’s dividend payout ratio (DPR) is presently 48.60%.
A number of analysts recently commented on GVA shares. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Friday, October 13th. Seaport Global Securities lowered Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 target price for the company. in a research report on Wednesday, October 11th. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a report on Saturday, August 26th. BidaskClub cut Granite Construction from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, FBR & Co reiterated a “buy” rating and set a $68.00 price objective on shares of Granite Construction in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $63.88.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of GVA. BlackRock Inc. increased its stake in shares of Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock valued at $200,206,000 after buying an additional 3,969,000 shares during the period. Vanguard Group Inc. grew its stake in Granite Construction by 1.9% during the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock worth $161,802,000 after purchasing an additional 62,760 shares during the period. Franklin Resources Inc. grew its stake in Granite Construction by 80.4% during the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock worth $70,350,000 after purchasing an additional 649,831 shares during the period. State Street Corp grew its stake in Granite Construction by 4.5% during the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock worth $61,697,000 after purchasing an additional 55,202 shares during the period. Finally, Northern Trust Corp grew its stake in Granite Construction by 6.5% during the second quarter. Northern Trust Corp now owns 1,237,204 shares of the construction company’s stock worth $59,682,000 after purchasing an additional 75,265 shares during the period. Hedge funds and other institutional investors own 98.05% of the company’s stock.
The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 57.46 and a beta of 1.17. The company has a 50 day moving average of $57.75 and a 200-day moving average of $52.18.
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Granite Construction Company Profile
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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