Granite Construction Incorporated (NYSE:GVA) Announces $0.13 Quarterly Dividend

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Thursday, June 5th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.13 per share by the construction company on Tuesday, July 15th. This represents a $0.52 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Monday, June 30th.

Granite Construction has a dividend payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Granite Construction to earn $6.97 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 7.5%.

Granite Construction Price Performance

Shares of Granite Construction stock opened at $92.95 on Friday. Granite Construction has a 52 week low of $58.23 and a 52 week high of $105.20. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. The stock has a market cap of $4.07 billion, a PE ratio of 38.73 and a beta of 1.34. The company’s 50-day moving average price is $86.37 and its two-hundred day moving average price is $84.61.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, May 1st. The construction company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.44. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The business had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. The firm’s revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Granite Construction will post 5.49 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped their price target on Granite Construction from $69.00 to $76.00 and gave the company a “sell” rating in a report on Monday, May 5th.

Insider Activity

In other news, CEO Kyle T. Larkin sold 2,790 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $80.02, for a total transaction of $223,255.80. Following the sale, the chief executive officer now owns 136,384 shares in the company, valued at $10,913,447.68. The trade was a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the sale, the senior vice president now owns 18,819 shares of the company’s stock, valued at approximately $1,726,831.44. This trade represents a 9.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,432 shares of company stock valued at $699,804 over the last three months. Insiders own 0.81% of the company’s stock.

Institutional Trading of Granite Construction

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC lifted its stake in Granite Construction by 73.2% in the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock worth $1,612,000 after acquiring an additional 9,038 shares in the last quarter. United Services Automobile Association purchased a new position in Granite Construction during the 1st quarter valued at about $207,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Granite Construction by 21.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company’s stock valued at $12,732,000 after purchasing an additional 29,428 shares during the period.

Granite Construction Company Profile

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.