Key Points
- CEO Kyle Larkin sold 26,651 shares on March 27 at an average price of $118.12 for a total of $3,148,016, reducing his ownership by 18.83% to 114,881 shares (≈$13.57M).
- Granite beat expectations in the most recent quarter with EPS of $1.40 vs. a $1.34 estimate and revenue of $1.17B (up 19.2% YoY), with net margin 4.36% and ROE 24.1%; analysts forecast ~5.49 EPS for the year.
- The company announced a quarterly dividend of $0.13 (annualized $0.52, 0.4% yield; ex-dividend Mar 31, payable Apr 15) and carries a consensus analyst rating of Moderate Buy with a $139.50 price target.
Granite Construction Incorporated (NYSE:GVA - Get Free Report) CEO Kyle Larkin sold 26,651 shares of the firm's stock in a transaction on Friday, March 27th. The stock was sold at an average price of $118.12, for a total value of $3,148,016.12. Following the completion of the sale, the chief executive officer owned 114,881 shares of the company's stock, valued at approximately $13,569,743.72. This represents a 18.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Granite Construction Stock Down 0.6%
NYSE GVA opened at $121.55 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.79. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $137.24. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 33.21 and a beta of 1.30. The company has a fifty day moving average of $125.94 and a two-hundred day moving average of $115.57.
Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business's revenue for the quarter was up 19.2% on a year-over-year basis. On average, analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current year.
Granite Construction Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction's dividend payout ratio (DPR) is presently 14.21%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on GVA. The Goldman Sachs Group upped their target price on Granite Construction from $109.00 to $124.00 and gave the company a "neutral" rating in a research note on Wednesday, January 28th. Zacks Research raised Granite Construction from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. DA Davidson boosted their price objective on Granite Construction from $130.00 to $155.00 and gave the company a "buy" rating in a report on Friday, February 13th. Wall Street Zen raised Granite Construction from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Granite Construction in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Granite Construction has a consensus rating of "Moderate Buy" and a consensus price target of $139.50.
Check Out Our Latest Stock Report on GVA
Hedge Funds Weigh In On Granite Construction
A number of institutional investors have recently modified their holdings of the stock. AlphaQuest LLC increased its holdings in Granite Construction by 41.5% during the 3rd quarter. AlphaQuest LLC now owns 38,809 shares of the construction company's stock worth $4,255,000 after purchasing an additional 11,385 shares during the period. 12th Street Asset Management Company LLC purchased a new stake in shares of Granite Construction in the 3rd quarter worth $6,799,000. Oliver Luxxe Assets LLC purchased a new stake in shares of Granite Construction in the 4th quarter worth $1,783,000. Elo Mutual Pension Insurance Co bought a new position in shares of Granite Construction during the 3rd quarter worth $2,013,000. Finally, Boothbay Fund Management LLC grew its position in shares of Granite Construction by 9.1% during the 3rd quarter. Boothbay Fund Management LLC now owns 160,331 shares of the construction company's stock worth $17,580,000 after buying an additional 13,401 shares in the last quarter.
Granite Construction Company Profile
(
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.
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