Key Points
- Director buying: Granite Construction director John Timothy Romer bought 375 shares on June 12 at an average price of $141.79, increasing his holdings by 18.28%. He also purchased another 375 shares on June 15 at $143.65 each.
- Strong quarterly results: The company recently reported quarterly EPS of $0.26, far above analyst expectations of a loss, on revenue of $912.47 million. Revenue rose 30.4% year over year.
- Dividend and analyst view: Granite Construction declared a quarterly dividend of $0.13 per share, yielding about 0.4% annualized. Analyst sentiment is mixed, with an average rating of Hold and an average price target of $149.67.
Granite Construction Incorporated (NYSE:GVA - Get Free Report) Director John Timothy Romer purchased 375 shares of the stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $141.79 per share, with a total value of $53,171.25. Following the transaction, the director directly owned 2,426 shares in the company, valued at approximately $343,982.54. This trade represents a 18.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.
John Timothy Romer also recently made the following trade(s):
- On Monday, June 15th, John Timothy Romer acquired 375 shares of Granite Construction stock. The shares were acquired at an average cost of $143.65 per share, for a total transaction of $53,868.75.
Granite Construction Stock Performance
Shares of NYSE:GVA opened at $141.09 on Tuesday. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 40.66 and a beta of 1.32. Granite Construction Incorporated has a 52 week low of $88.17 and a 52 week high of $145.00. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average of $132.67 and a 200 day moving average of $125.32.
Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $1.03. Granite Construction had a return on equity of 24.90% and a net margin of 3.99%.The business had revenue of $912.47 million for the quarter, compared to analysts' expectations of $782.26 million. During the same quarter last year, the firm earned $0.01 EPS. The business's revenue for the quarter was up 30.4% on a year-over-year basis. On average, sell-side analysts predict that Granite Construction Incorporated will post 5.13 earnings per share for the current fiscal year.
Granite Construction Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. Granite Construction's dividend payout ratio (DPR) is presently 14.99%.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Oppenheimer started coverage on shares of Granite Construction in a research report on Thursday, May 28th. They set an "outperform" rating and a $170.00 price target for the company. Weiss Ratings downgraded shares of Granite Construction from a "buy (b)" rating to a "hold (c+)" rating in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, May 30th. Finally, Zacks Research raised shares of Granite Construction to a "hold" rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $149.67.
View Our Latest Research Report on Granite Construction
Institutional Investors Weigh In On Granite Construction
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System boosted its holdings in Granite Construction by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,378 shares of the construction company's stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Root Financial Partners LLC increased its holdings in shares of Granite Construction by 30.9% during the first quarter. Root Financial Partners LLC now owns 381 shares of the construction company's stock valued at $46,000 after acquiring an additional 90 shares in the last quarter. Evergreen Capital Management LLC raised its position in shares of Granite Construction by 4.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,813 shares of the construction company's stock valued at $263,000 after purchasing an additional 120 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Granite Construction by 3.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,978 shares of the construction company's stock worth $575,000 after purchasing an additional 148 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Granite Construction by 0.9% in the 4th quarter. State of Alaska Department of Revenue now owns 22,224 shares of the construction company's stock worth $2,563,000 after purchasing an additional 191 shares in 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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