Granite Construction Incorporated (GVA) to Issue Quarterly Dividend of $0.13 on October 15th

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Thursday, September 11th, RTT News reports. Investors of record on Tuesday, September 30th will be paid a dividend of 0.13 per share by the construction company on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 30th.

Granite Construction has a payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of GVA opened at $108.96 on Friday. Granite Construction has a 12 month low of $69.08 and a 12 month high of $112.16. The firm has a fifty day simple moving average of $104.97 and a 200 day simple moving average of $91.43. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of 35.61 and a beta of 1.41. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.16. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. Granite Construction has set its FY 2025 guidance at EPS. Research analysts forecast that Granite Construction will post 5.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $110.16, for a total transaction of $223,074.00. Following the sale, the senior vice president directly owned 14,685 shares in the company, valued at $1,617,699.60. This represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Louis E. Caldera sold 1,500 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $165,240.00. Following the sale, the director owned 10,601 shares in the company, valued at $1,167,806.16. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,525 shares of company stock worth $608,314 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Granite Construction

A number of large investors have recently bought and sold shares of GVA. Nuveen LLC acquired a new stake in shares of Granite Construction in the 1st quarter valued at approximately $21,966,000. Conversant Capital LLC acquired a new stake in Granite Construction during the 1st quarter worth approximately $21,490,000. Norges Bank acquired a new stake in Granite Construction during the 2nd quarter worth approximately $24,812,000. RPG Investment Advisory LLC raised its holdings in Granite Construction by 106.6% during the 1st quarter. RPG Investment Advisory LLC now owns 472,566 shares of the construction company’s stock worth $35,632,000 after purchasing an additional 243,875 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Granite Construction by 95.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 454,501 shares of the construction company’s stock worth $34,269,000 after purchasing an additional 221,709 shares during the last quarter.

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.