Granite Construction share price reached a new 52-week low on Wednesday , MarketBeat reports. The stock traded as low as $28.94 and last traded at $28.98, with a volume of 106,268 shares changing hands. The stock had previously closed at $29.69.
Separately, Zacks raised Granite Construction from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, July 1st. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $40.71.
The company has a 50-day moving average price of $33.05 and a 200 day moving average price of $34.96. The company has a market capitalization of $1.17 billion and a price-to-earnings ratio of 35.41.
Granite Construction last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by $0.20. The business earned $569.24 million during the quarter, compared to analysts' expectations of $622.68 million. The firm's quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 EPS. On average, analysts predict that Granite Construction will post $1.56 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Monday, September 28th.
Granite Construction Incorporated is a diversified heavy civil contractors and construction materials producers in the United States. The Company operates in four segments: Construction, Large Project Construction, Construction Materials and Real Estate. The Company operates across the nation, serving both public and private sector clients. Within the public sector, it concentrates on heavy-civil infrastructure projects, including the construction of roads, highways, mass transit facilities, airport infrastructure, bridges, dams and other infrastructure related projects. Within the private sector, it performs site preparation and infrastructure services for residential development, commercial and industrial buildings, and other facilities. The Company owns and leases substantial aggregate reserves and own a number of construction materials processing plants. It also has contractor-owned heavy construction equipment fleets in the United States.
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