Key Points
- Granite Construction SVP Bradley Jay Williams sold 6,734 shares on June 8 for about $949,494 at an average price of $141.00, cutting his ownership by nearly 49%.
- The company recently beat quarterly earnings and revenue expectations, reporting EPS of $0.26 versus a forecast loss and revenue of $912.47 million, up 30.4% year over year.
- Granite Construction also announced a quarterly dividend of $0.13 per share, payable July 15, which implies an annualized yield of about 0.4%.
Granite Construction Incorporated (NYSE:GVA - Get Free Report) SVP Bradley Jay Williams sold 6,734 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the sale, the senior vice president owned 7,041 shares in the company, valued at $992,781. This trade represents a 48.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Granite Construction Stock Performance
Shares of GVA stock opened at $139.87 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The company has a market capitalization of $6.12 billion, a P/E ratio of 40.31 and a beta of 1.32. The company's 50 day moving average price is $130.70 and its two-hundred day moving average price is $124.07. Granite Construction Incorporated has a 52 week low of $87.72 and a 52 week high of $145.00.
Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company had revenue of $912.47 million for the quarter, compared to the consensus estimate of $782.26 million. During the same period last year, the company earned $0.01 earnings per share. The firm's revenue was up 30.4% compared to the same quarter last year. On average, analysts expect that Granite Construction Incorporated will post 5.13 earnings per share for the current fiscal year.
Granite Construction Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.13 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction's dividend payout ratio (DPR) is 14.99%.
Analyst Ratings Changes
A number of research firms have recently issued reports on GVA. Weiss Ratings downgraded shares of Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. Oppenheimer began coverage on shares of Granite Construction in a report on Thursday, May 28th. They issued an "outperform" rating and a $170.00 price objective on the stock. Zacks Research upgraded shares of Granite Construction to a "hold" rating in a report on Friday, May 29th. Wall Street Zen downgraded shares of Granite Construction from a "buy" rating to a "hold" rating in a report on Saturday, May 30th. Finally, DA Davidson lifted their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the company a "buy" rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Granite Construction presently has an average rating of "Hold" and an average price target of $149.67.
Check Out Our Latest Stock Report on Granite Construction
Hedge Funds Weigh In On Granite Construction
Institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd increased its holdings in Granite Construction by 512.8% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 239 shares of the construction company's stock worth $28,000 after buying an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Granite Construction during the fourth quarter worth $29,000. Root Financial Partners LLC increased its holdings in Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock worth $46,000 after buying an additional 90 shares during the last quarter. Spire Wealth Management acquired a new position in Granite Construction during the fourth quarter worth $46,000. Finally, Federated Hermes Inc. increased its holdings in Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company's stock worth $48,000 after buying an additional 212 shares during the last quarter.
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.
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