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

Granite Construction Incorporated (NYSE:GVA) announced a quarterly dividend on Thursday, June 4th. Investors 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) dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Tuesday, June 30th.

Granite Construction has a dividend payout ratio of 8.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

NYSE GVA opened at $141.35 on Friday. The business has a 50 day simple moving average of $129.88 and a 200 day simple moving average of $123.52. Granite Construction has a 52-week low of $87.72 and a 52-week high of $145.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 40.74 and a beta of 1.32.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GVA. Zacks Research raised shares of Granite Construction to a “hold” rating in a research note on Friday, May 29th. DA Davidson raised their price target 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. Oppenheimer began coverage on shares of Granite Construction in a research note on Thursday, May 28th. They set an “outperform” rating and a $170.00 price target for the company. Wall Street Zen cut 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 research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Granite Construction currently has a consensus rating of “Hold” and an average target price 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.