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

Granite Construction Incorporated (NYSE:GVA) announced a quarterly dividend on Wednesday, December 11th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.13 per share by the construction company on Wednesday, January 15th. This represents a $0.52 annualized dividend and a dividend yield of 0.54%.

Granite Construction has a dividend payout ratio of 10.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Granite Construction to earn $5.68 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 9.2%.

Granite Construction Trading Up 1.5 %

Shares of GVA stock traded up $1.44 during trading hours on Wednesday, hitting $97.14. 403,842 shares of the company were exchanged, compared to its average volume of 535,904. Granite Construction has a 1 year low of $43.92 and a 1 year high of $105.20. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The firm has a fifty day moving average of $90.17 and a 200 day moving average of $75.79. The firm has a market cap of $4.25 billion, a PE ratio of 43.86 and a beta of 1.41.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the firm earned $1.69 earnings per share. Granite Construction’s quarterly revenue was up 14.2% compared to the same quarter last year. Analysts expect that Granite Construction will post 4.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased their target price on Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research note on Wednesday, October 9th.

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.