Granite Construction (GVA) Declares $0.13 Dividend
Granite Construction said on June 8, 2023 that its board of directors declared a regular quarterly dividend of $0.13 per share ($0.52 annualized). Previously, the company paid $0.13 per share.
Shares must be purchased before the ex-div date of June 29, 2023 to qualify for the dividend. Shareholders of record as of June 30, 2023 will receive the payment on July 14, 2023.
At the current share price of $39.67 / share, the stock's dividend yield is 1.31%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.67%, the lowest has been 0.89%, and the highest has been 4.65%. The standard deviation of yields is 0.65 (n=236).
The current dividend yield is 0.56 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.26. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 498 funds or institutions reporting positions in Granite Construction. This is an increase of 31 owner(s) or 6.64% in the last quarter. Average portfolio weight of all funds dedicated to GVA is 0.16%, an increase of 7.71%. Total shares owned by institutions increased in the last three months by 2.13% to 53,068K shares. 
The put/call ratio of GVA is 0.16, indicating a bullish outlook.
Analyst Price Forecast Suggests 32.16% Upside
As of June 2, 2023, the average one-year price target for Granite Construction is 52.43. The forecasts range from a low of 39.39 to a high of $59.85. The average price target represents an increase of 32.16% from its latest reported closing price of 39.67.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Granite Construction is 3,445MM, an increase of 7.41%. The projected annual non-GAAP EPS is 2.81.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 3,189K shares representing 7.27% ownership of the company. In it's prior filing, the firm reported owning 3,241K shares, representing a decrease of 1.60%. The firm increased its portfolio allocation in GVA by 12.02% over the last quarter.
Fuller & Thaler Asset Management holds 2,919K shares representing 6.65% ownership of the company. In it's prior filing, the firm reported owning 2,948K shares, representing a decrease of 1.00%. The firm increased its portfolio allocation in GVA by 5.34% over the last quarter.
UBVLX - Undiscovered Managers Behavioral Value Fund Class L holds 2,366K shares representing 5.39% ownership of the company. In it's prior filing, the firm reported owning 2,379K shares, representing a decrease of 0.56%. The firm increased its portfolio allocation in GVA by 12.77% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,345K shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 1,317K shares, representing an increase of 2.02%. The firm increased its portfolio allocation in GVA by 10.39% over the last quarter.
FDVLX - Fidelity Value Fund holds 1,272K shares representing 2.90% ownership of the company. In it's prior filing, the firm reported owning 1,433K shares, representing a decrease of 12.63%. The firm increased its portfolio allocation in GVA by 3.07% over the last quarter.
Granite Construction Background Information
(This description is provided by the company.)
Granite is America's Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite's Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World's Most Ethical Companies for eleven consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability.
Key filings for this company:
This story originally appeared on Fintel.