Granite Construction (NYSE:GVA) Reaches New 12-Month High – What’s Next?

Granite Construction Incorporated (NYSE:GVA)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $96.15 and last traded at $95.43, with a volume of 97067 shares changing hands. The stock had previously closed at $91.35.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group lifted their price objective on Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a research report on Wednesday, October 9th.

Granite Construction Stock Performance

The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 41.90 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The stock’s 50-day moving average is $79.36 and its 200-day moving average is $69.05.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.69 EPS. Analysts anticipate that Granite Construction Incorporated will post 5.55 EPS for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.55%. Granite Construction’s payout ratio is 23.85%.

Hedge Funds Weigh In On Granite Construction

A number of large investors have recently bought and sold shares of GVA. Rothschild Investment LLC acquired a new stake in shares of Granite Construction during the 2nd quarter worth $33,000. Blue Trust Inc. increased its stake in Granite Construction by 66.4% during the third quarter. Blue Trust Inc. now owns 902 shares of the construction company’s stock worth $72,000 after acquiring an additional 360 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Granite Construction in the 2nd quarter worth about $107,000. GAMMA Investing LLC increased its position in Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company’s stock worth $159,000 after purchasing an additional 907 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Granite Construction during the third quarter valued at approximately $214,000.

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.