Granite Construction (NYSE:GVA) posted its quarterly earnings results on Friday. The construction company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04, Morningstar.com reports. The company had revenue of $801.30 million during the quarter, compared to analyst estimates of $753.83 million. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share.
Granite Construction (GVA) opened at $60.36 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2,300.44, a PE ratio of 46.79, a price-to-earnings-growth ratio of 2.54 and a beta of 1.21. Granite Construction has a 1 year low of $45.14 and a 1 year high of $68.58.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.86%. Granite Construction’s dividend payout ratio is presently 40.31%.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the completion of the transaction, the director now owns 50,972 shares in the company, valued at $3,213,784.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Granite Construction by 1.5% in the fourth quarter. BlackRock Inc. now owns 4,100,245 shares of the construction company’s stock valued at $260,079,000 after acquiring an additional 61,669 shares during the period. Vanguard Group Inc. boosted its position in shares of Granite Construction by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock valued at $161,802,000 after acquiring an additional 62,760 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Granite Construction by 1.0% in the third quarter. Ameriprise Financial Inc. now owns 1,695,658 shares of the construction company’s stock valued at $98,260,000 after acquiring an additional 17,486 shares during the period. Alliancebernstein L.P. boosted its position in shares of Granite Construction by 5.7% in the fourth quarter. Alliancebernstein L.P. now owns 1,284,871 shares of the construction company’s stock valued at $81,499,000 after acquiring an additional 69,611 shares during the period. Finally, State Street Corp boosted its position in shares of Granite Construction by 4.5% in the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock valued at $61,697,000 after acquiring an additional 55,202 shares during the period. Institutional investors own 99.05% of the company’s stock.
GVA has been the subject of several research reports. Canaccord Genuity increased their price target on shares of Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, October 30th. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Tuesday, January 9th. B. Riley reiterated a “buy” rating on shares of Granite Construction in a research report on Wednesday, November 1st. DA Davidson reiterated a “hold” rating and set a $65.00 target price on shares of Granite Construction in a research report on Monday, October 30th. Finally, Cowen increased their target price on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. Granite Construction has an average rating of “Buy” and a consensus price target of $69.00.
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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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