Claes Bjork Sells 1,264 Shares of Granite Construction Inc. (GVA) Stock
Granite Construction Inc. (NYSE:GVA) Director Claes Bjork sold 1,264 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total transaction of $79,695.20. Following the transaction, the director now directly 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 is available through this hyperlink.
Shares of Granite Construction Inc. (GVA) traded up $0.58 during trading hours on Friday, hitting $62.38. The stock had a trading volume of 643,471 shares, compared to its average volume of 202,159. The firm has a market capitalization of $2,462.78, a P/E ratio of 47.91, a P/E/G ratio of 5.42 and a beta of 1.24. Granite Construction Inc. has a 12 month low of $45.14 and a 12 month high of $67.39. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.04. The company had revenue of $957.10 million for the quarter, compared to the consensus estimate of $905.14 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The firm’s revenue was up 19.1% compared to the same quarter last year. During the same period last year, the business posted $0.92 earnings per share. research analysts predict that Granite Construction Inc. will post 1.63 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend is Thursday, December 28th. Granite Construction’s dividend payout ratio is currently 40.31%.
Large investors have recently modified their holdings of the company. Fieldpoint Private Securities LLC acquired a new stake in shares of Granite Construction in the third quarter valued at about $106,000. Advisor Group Inc. grew its position in shares of Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after purchasing an additional 1,170 shares during the last quarter. Royal Bank of Canada grew its position in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after buying an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after buying an additional 218 shares in the last quarter. Finally, Sei Investments Co. grew its position in Granite Construction by 38.3% during the second quarter. Sei Investments Co. now owns 3,285 shares of the construction company’s stock worth $158,000 after buying an additional 909 shares in the last quarter. 98.59% of the stock is currently owned by institutional investors.
Several equities analysts have commented on the stock. B. Riley reissued a “buy” rating on shares of Granite Construction in a research report on Wednesday, November 1st. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research report on Tuesday, October 31st. Canaccord Genuity increased their target price on shares of Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, October 30th. DA Davidson reissued a “hold” rating and set a $65.00 target price on shares of Granite Construction in a research report on Monday, October 30th. Finally, FBR & Co reissued a “buy” rating and set a $68.00 target price on shares of Granite Construction in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $67.00.
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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