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

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Thursday, June 4th. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.13 per share by the construction company on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Tuesday, June 30th.

Granite Construction has a dividend payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Granite Construction to earn $6.91 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 Trading Up 1.7%

GVA opened at $141.35 on Friday. Granite Construction has a twelve month low of $87.72 and a twelve month high of $145.00. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average of $129.88 and a 200-day moving average of $123.52. The stock has a market cap of $6.18 billion, a PE ratio of 40.74 and a beta of 1.32.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The business had revenue of $912.47 million during the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The business’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period last year, the company posted $0.01 earnings per share. On average, sell-side analysts predict that Granite Construction will post 5.13 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Oppenheimer assumed coverage on shares of Granite Construction in a research report on Thursday, May 28th. They set an “outperform” rating and a $170.00 price target on the stock. Zacks Research upgraded shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. DA Davidson lifted their target price on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Wall Street Zen downgraded shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Finally, Weiss Ratings cut shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $149.67.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.