Granite Construction Inc. (GVA) Sees Unusually-High Trading Volume
Granite Construction Inc. (NYSE:GVA) saw an uptick in trading volume on Friday . 193,298 shares changed hands during trading, an increase of 15% from the previous session’s volume of 168,026 shares.The stock last traded at $46.06 and had previously closed at $46.07.
A number of research firms recently issued reports on GVA. DA Davidson restated a “hold” rating and set a $53.00 price objective on shares of Granite Construction in a report on Tuesday, August 16th. Janney Montgomery Scott restated a “hold” rating and set a $53.00 price objective on shares of Granite Construction in a report on Tuesday, August 16th. FBR & Co boosted their price objective on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. MKM Partners upped their target price on Granite Construction from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Finally, Seaport Global Securities upgraded Granite Construction from a “neutral” rating to a “buy” rating and upped their target price for the stock from $49.00 to $60.00 in a report on Monday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $53.70.
The company has a 50-day moving average of $49.10 and a 200-day moving average of $45.92. The company has a market capitalization of $1.83 billion, a PE ratio of 29.74 and a beta of 1.48.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.47 by $0.12. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The company earned $604.60 million during the quarter, compared to analyst estimates of $632.12 million. During the same period in the prior year, the business posted $0.24 EPS. Granite Construction’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts anticipate that Granite Construction Inc. will post $1.58 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.13 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.12%. Granite Construction’s dividend payout ratio is presently 33.33%.
In other Granite Construction news, Director David H. Kelsey sold 1,113 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total transaction of $56,863.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Hildebrand Roberts sold 6,612 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $49.18, for a total value of $325,178.16. Following the sale, the director now directly owns 51,705 shares of the company’s stock, valued at approximately $2,542,851.90. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. SG Americas Securities LLC boosted its stake in Granite Construction by 0.3% in the second quarter. SG Americas Securities LLC now owns 10,242 shares of the company’s stock valued at $467,000 after buying an additional 28 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in Granite Construction by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,831 shares of the company’s stock valued at $311,000 after buying an additional 31 shares in the last quarter. State Treasurer State of Michigan raised its position in Granite Construction by 0.6% in the second quarter. State Treasurer State of Michigan now owns 15,845 shares of the company’s stock valued at $722,000 after buying an additional 100 shares in the last quarter. Retirement Systems of Alabama raised its position in Granite Construction by 0.4% in the second quarter. Retirement Systems of Alabama now owns 51,044 shares of the company’s stock valued at $2,325,000 after buying an additional 221 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in Granite Construction by 2.0% in the second quarter. Meeder Asset Management Inc. now owns 13,473 shares of the company’s stock valued at $614,000 after buying an additional 260 shares in the last quarter. 93.69% of the stock is owned by institutional investors.
Granite Construction Company Profile
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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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