Granite Construction (NYSE:GVA) Hits New 52-Week Low at $30.33

Granite Construction Inc. (NYSE:GVA) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $30.33 and last traded at $30.79, with a volume of 1782 shares. The stock had previously closed at $31.22.

GVA has been the topic of several recent analyst reports. B. Riley cut shares of Granite Construction from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $53.00 to $41.00 in a research note on Tuesday, July 30th. Goldman Sachs Group upgraded shares of Granite Construction from a “neutral” rating to a “buy” rating and increased their target price for the stock from $50.00 to $53.00 in a research note on Wednesday, May 29th. ValuEngine upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Zacks Investment Research cut shares of Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.00.

The company has a fifty day simple moving average of $43.90. The company has a market capitalization of $1.46 billion, a PE ratio of 13.15, a P/E/G ratio of 2.44 and a beta of 1.30. The company has a current ratio of 2.12, a quick ratio of 1.97 and a debt-to-equity ratio of 0.24.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, August 2nd. The construction company reported ($1.83) EPS for the quarter, topping the Zacks’ consensus estimate of ($2.04) by $0.21. The firm had revenue of $789.54 million for the quarter, compared to analyst estimates of $789.73 million. Granite Construction had a net margin of 0.57% and a return on equity of 6.03%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. As a group, analysts anticipate that Granite Construction Inc. will post 1.83 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Thursday, June 27th. Granite Construction’s payout ratio is 22.22%.

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in shares of Granite Construction by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,664,608 shares of the construction company’s stock worth $107,330,000 after buying an additional 156,499 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Granite Construction by 3.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,169,437 shares of the construction company’s stock worth $50,461,000 after buying an additional 38,875 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Granite Construction by 18.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 722,905 shares of the construction company’s stock worth $31,194,000 after buying an additional 111,381 shares during the last quarter. John G Ullman & Associates Inc. increased its holdings in shares of Granite Construction by 11.7% in the 2nd quarter. John G Ullman & Associates Inc. now owns 579,325 shares of the construction company’s stock worth $27,911,000 after buying an additional 60,600 shares during the last quarter. Finally, Tributary Capital Management LLC increased its holdings in shares of Granite Construction by 15.7% in the 2nd quarter. Tributary Capital Management LLC now owns 523,655 shares of the construction company’s stock worth $25,230,000 after buying an additional 70,953 shares during the last quarter. 98.53% of the stock is currently owned by hedge funds and other institutional investors.

Granite Construction Company Profile (NYSE:GVA)

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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