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

Granite Construction Incorporated (NYSE:GVA - Get Free Report) announced a quarterly dividend on Thursday, June 5th, RTT News reports. Shareholders of record on Monday, June 30th will be paid a dividend of 0.13 per share by the construction company on Tuesday, July 15th. This represents a $0.52 annualized dividend and a yield of 0.57%.

Granite Construction has a dividend 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 Up 1.4%

GVA stock traded up $1.26 during mid-day trading on Friday, hitting $91.92. 22,141 shares of the company were exchanged, compared to its average volume of 661,778. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.56 and a current ratio of 1.66. The firm has a market cap of $4.02 billion, a P/E ratio of 37.05 and a beta of 1.34. The firm's 50 day simple moving average is $81.80 and its 200 day simple moving average is $85.51. Granite Construction has a 1-year low of $58.23 and a 1-year high of $105.20.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.44. The firm had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. Granite Construction had a net margin of 3.15% and a return on equity of 20.67%. Granite Construction's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, sell-side analysts predict that Granite Construction will post 5.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group boosted their price objective on shares of Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research report on Monday, May 5th.

Insider Transactions at Granite Construction

In related news, SVP Brian R. Dowd sold 2,025 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the transaction, the senior vice president now directly owns 18,819 shares in the company, valued at approximately $1,726,831.44. The trade was a 9.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kyle T. Larkin sold 3,617 shares of the business's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $80.38, for a total transaction of $290,734.46. Following the transaction, the chief executive officer now owns 132,366 shares in the company, valued at approximately $10,639,579.08. The trade was a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,432 shares of company stock valued at $699,804 over the last 90 days. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Construction

Several institutional investors and hedge funds have recently modified their holdings of GVA. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Granite Construction by 21.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company's stock valued at $12,732,000 after purchasing an additional 29,428 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Granite Construction by 73.2% in the first quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company's stock valued at $1,612,000 after purchasing an additional 9,038 shares during the last quarter. Finally, United Services Automobile Association acquired a new position in shares of Granite Construction in the first quarter valued at $207,000.

About Granite Construction

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.

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