Key Points
- CEO Kyle Larkin sold 7,314 shares on March 19 at an average price of $119.84, totaling about $876,509.76 and reducing his stake by 3.87% to 181,594 shares (≈$21.76M).
- Granite reported Q results with EPS $1.40 vs. $1.34 expected and revenue of $1.17B (+19.2% YoY); analysts give a consensus "Moderate Buy" rating with a $139.50 price target.
- The company declared a quarterly dividend of $0.13 (annualized $0.52, yield ~0.4%), with an ex-dividend date of March 31 and payable April 15.
Granite Construction Incorporated (NYSE:GVA - Get Free Report) CFO Staci Woolsey sold 1,523 shares of the stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the completion of the sale, the chief financial officer owned 18,954 shares of the company's stock, valued at approximately $2,271,447.36. The trade was a 7.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Granite Construction Trading Up 0.0%
Shares of GVA opened at $120.16 on Friday. The stock's 50-day moving average price is $126.36 and its 200 day moving average price is $114.75. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 32.83 and a beta of 1.30. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $137.24.
Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.Granite Construction's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.23 EPS. As a group, research analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current year.
Granite Construction Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.13 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction's dividend payout ratio is currently 14.21%.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on GVA shares. Zacks Research raised shares of Granite Construction from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. DA Davidson upped their price objective on Granite Construction from $130.00 to $155.00 and gave the company a "buy" rating in a research note on Friday, February 13th. The Goldman Sachs Group raised their target price on Granite Construction from $109.00 to $124.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Granite Construction in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Granite Construction currently has an average rating of "Moderate Buy" and a consensus price target of $139.50.
View Our Latest Research Report on Granite Construction
Hedge Funds Weigh In On Granite Construction
A number of institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC acquired a new position in Granite Construction during the 3rd quarter worth $26,000. Aster Capital Management DIFC Ltd increased its position in Granite Construction by 512.8% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company's stock worth $28,000 after purchasing an additional 200 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in Granite Construction in the fourth quarter worth about $29,000. Salomon & Ludwin LLC acquired a new position in Granite Construction during the 3rd quarter valued at about $42,000. Finally, Spire Wealth Management acquired a new position in Granite Construction during the 4th quarter valued at about $46,000.
About Granite Construction
(
Get Free Report)
Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.
In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
