Granite Construction Inc. (NYSE:GVA) announced a dividend on Thursday, March 26th, Fidelity reports. Shareholders of record on Tuesday, March 31st will be given a dividend of 0.13 per share by the construction company on Wednesday, April 15th. The ex-dividend date of this dividend is Monday, March 30th.
Granite Construction has a dividend payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Granite Construction to earn $1.68 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 31.0%.
Shares of GVA stock traded up $0.69 during trading hours on Thursday, reaching $14.35. The company had a trading volume of 905,822 shares, compared to its average volume of 885,329. Granite Construction has a 12-month low of $8.90 and a 12-month high of $48.80. The company has a market capitalization of $646.90 million, a price-to-earnings ratio of -6.35 and a beta of 1.51. The stock has a fifty day moving average of $20.48 and a 200-day moving average of $26.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.65 and a current ratio of 1.76.
A number of research firms have commented on GVA. Goldman Sachs Group decreased their price target on Granite Construction from $26.00 to $10.00 and set a “sell” rating on the stock in a research note on Thursday, March 19th. ValuEngine upgraded Granite Construction from a “hold” rating to a “buy” rating in a research note on Thursday, December 12th. Zacks Investment Research cut Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 5th. Finally, B. Riley reduced their price objective on Granite Construction from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $20.00.
About Granite Construction
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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