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

Key Points

• Granite Construction Incorporated declared a quarterly dividend of $0.13 per share, with a record date of September 30th and a payment date of October 15th, reflecting an annualized dividend yield of 0.5%.
• The company's payout ratio is 8.6%, indicating strong earnings coverage for its dividend, with analysts projecting earnings per share of $6.97 for the upcoming year.
• Granite Construction's stock rose by 1.1% to $109.65, with 424,258 shares traded, showing solid trading activity compared to its average volume of 610,953 shares.

Granite Construction Incorporated (NYSE:GVA - Get Free Report) declared a quarterly dividend on Thursday, September 11th, RTT News reports. Shareholders of record on Tuesday, September 30th will be paid a dividend of 0.13 per share by the construction company on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 0.5%.

Granite Construction has a payout ratio of 8.6% meaning 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 1.1%

GVA stock traded up $1.20 during mid-day trading on Thursday, hitting $109.65. 424,258 shares of the company were exchanged, compared to its average volume of 610,953. The company has a market capitalization of $4.80 billion, a PE ratio of 35.83 and a beta of 1.41. The company has a current ratio of 1.57, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66. Granite Construction has a twelve month low of $69.08 and a twelve month high of $112.16. The firm has a fifty day simple moving average of $101.22 and a 200 day simple moving average of $88.78.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.16. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the business earned $1.73 EPS. Granite Construction has set its FY 2025 guidance at EPS. On average, research analysts forecast that Granite Construction will post 5.49 earnings per share for the current fiscal year.

Insider Activity at Granite Construction

In related news, SVP Michael G. Tatusko sold 2,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $110.00, for a total value of $220,000.00. Following the sale, the senior vice president owned 29,241 shares of the company's stock, valued at $3,216,510. This trade represents a 6.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $110.16, for a total transaction of $223,074.00. Following the completion of the sale, the senior vice president directly owned 14,685 shares in the company, valued at approximately $1,617,699.60. This trade represents a 12.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,525 shares of company stock worth $608,314 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Granite Construction

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Granite Construction by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 216,837 shares of the construction company's stock worth $16,350,000 after acquiring an additional 3,737 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of Granite Construction by 16.6% in the 1st quarter. Golden State Wealth Management LLC now owns 5,101 shares of the construction company's stock worth $385,000 after acquiring an additional 725 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Granite Construction in the 4th quarter worth about $1,465,000. Blue Trust Inc. increased its holdings in shares of Granite Construction by 40.5% in the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after acquiring an additional 225 shares during the period. Finally, GSA Capital Partners LLP increased its holdings in shares of Granite Construction by 112.9% in the 1st quarter. GSA Capital Partners LLP now owns 11,279 shares of the construction company's stock worth $850,000 after acquiring an additional 5,981 shares during the period.

Granite Construction Company Profile

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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