Granite Construction (NYSE:GVA) Hits New 52-Week High at $56.26

Granite Construction Incorporated (NYSE:GVA)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $56.26 and last traded at $56.12, with a volume of 52494 shares trading hands. The stock had previously closed at $55.47.

Wall Street Analyst Weigh In

Separately, DA Davidson upped their price target on Granite Construction from $60.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th.

Granite Construction Stock Up 1.0 %

The business has a 50-day simple moving average of $50.08 and a two-hundred day simple moving average of $45.81. The stock has a market capitalization of $2.52 billion, a P/E ratio of 75.45 and a beta of 1.45. The company has a quick ratio of 1.49, a current ratio of 1.60 and a debt-to-equity ratio of 0.60.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). The company had revenue of $933.70 million during the quarter. Granite Construction had a net margin of 1.24% and a return on equity of 14.15%. During the same quarter last year, the business earned $0.56 EPS. Equities research analysts forecast that Granite Construction Incorporated will post 4.29 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Wednesday, March 27th. Granite Construction’s payout ratio is presently 68.42%.

Insider Transactions at Granite Construction

In other news, Director Louis E. Caldera sold 1,263 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total transaction of $63,150.00. Following the sale, the director now owns 8,528 shares in the company, valued at $426,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.54% of the company’s stock.

Institutional Trading of Granite Construction

Large investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC bought a new position in Granite Construction in the third quarter valued at about $27,000. Belpointe Asset Management LLC boosted its holdings in Granite Construction by 320.6% in the first quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock valued at $28,000 after acquiring an additional 513 shares during the last quarter. Envestnet Asset Management Inc. bought a new position in Granite Construction in the first quarter valued at about $38,000. GAMMA Investing LLC bought a new position in Granite Construction in the fourth quarter valued at about $43,000. Finally, Macquarie Group Ltd. bought a new position in Granite Construction in the first quarter valued at about $43,000.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.