Granite Construction (NYSE:GVA) announced its quarterly earnings data on Friday. The construction company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04, Morningstar.com reports. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The business had revenue of $801.30 million for the quarter, compared to the consensus estimate of $753.83 million. During the same quarter last year, the company posted $0.40 earnings per share. Granite Construction’s quarterly revenue was up 20.2% on a year-over-year basis.
Shares of Granite Construction (NYSE GVA) opened at $60.36 on Friday. Granite Construction has a 52 week low of $45.14 and a 52 week high of $68.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.71 and a current ratio of 1.79. The firm has a market cap of $2,407.76, a price-to-earnings ratio of 37.49, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.86%. Granite Construction’s dividend payout ratio is currently 30.59%.
A number of equities research analysts have weighed in on GVA shares. Cowen lifted their price target on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Zacks Investment Research downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Canaccord Genuity lifted their price target on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. B. Riley reiterated a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Finally, DA Davidson reiterated a “hold” rating and set a $65.00 price target on shares of Granite Construction in a research note on Monday, October 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $69.00.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of Granite Construction stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the sale, the director now owns 50,972 shares in the company, valued at $3,213,784.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP bought a new position in shares of Granite Construction during the third quarter valued at $1,491,000. Personal Capital Advisors Corp lifted its holdings in shares of Granite Construction by 34.3% during the fourth quarter. Personal Capital Advisors Corp now owns 23,199 shares of the construction company’s stock valued at $1,472,000 after acquiring an additional 5,922 shares during the period. GSA Capital Partners LLP bought a new position in shares of Granite Construction during the third quarter valued at $289,000. Cortina Asset Management LLC lifted its holdings in shares of Granite Construction by 1.3% during the third quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after acquiring an additional 8,253 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Granite Construction by 8.1% during the third quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after acquiring an additional 29,217 shares during the period. 99.05% of the stock is owned by institutional investors.
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About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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