Granite Construction Inc. Declares Quarterly Dividend of $0.13 (GVA)

Granite Construction Inc. (NYSE:GVA) announced a quarterly dividend on Tuesday, February 6th, RTT News reports. Investors of record on Friday, March 30th will be paid a dividend of 0.13 per share by the construction company on Friday, April 13th. This represents a $0.52 annualized dividend and a dividend yield of 0.87%.

Granite Construction has a dividend payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Granite Construction to earn $3.24 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 16.0%.

Shares of Granite Construction (NYSE:GVA) traded up $0.30 during mid-day trading on Tuesday, hitting $59.65. The company had a trading volume of 630,866 shares, compared to its average volume of 214,927. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2,370.00, a PE ratio of 45.90, a P/E/G ratio of 2.85 and a beta of 1.21. Granite Construction has a fifty-two week low of $45.14 and a fifty-two week high of $68.58.

In other news, Director William Howard Powell sold 3,103 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $63.85, for a total transaction of $198,126.55. Following the completion of the transaction, the director now directly owns 46,771 shares in the company, valued at $2,986,328.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Claes Bjork sold 1,264 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total transaction of $79,695.20. Following the transaction, the director now owns 50,972 shares of the company’s stock, valued at $3,213,784.60. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Several brokerages recently issued reports on GVA. B. Riley reiterated a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Cowen upped their target price on Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Zacks Investment Research cut Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Canaccord Genuity upped their target price on Granite Construction from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Finally, DA Davidson restated a “hold” rating and set a $65.00 target price on shares of Granite Construction in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $69.00.

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Granite Construction Company Profile

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.

Dividend History for Granite Construction (NYSE:GVA)

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