According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
GLDD has been the subject of several other reports. DA Davidson decreased their price objective on shares of Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a neutral rating for the company in a research note on Friday, August 5th. Imperial Capital lowered shares of Great Lakes Dredge & Dock Corp. from an outperform rating to an in-line rating and cut their target price for the company from $5.50 to $4.00 in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $4.50.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) opened at 3.56 on Monday. The firm’s 50-day moving average is $3.69 and its 200 day moving average is $4.23. The company’s market cap is $216.26 million. Great Lakes Dredge & Dock Corp. has a 52-week low of $2.96 and a 52-week high of $5.61.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.01 by $0.04. Great Lakes Dredge & Dock Corp. had a negative net margin of 0.79% and a negative return on equity of 2.50%. The business had revenue of $192.19 million for the quarter, compared to analyst estimates of $222.13 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The business’s revenue was down 19.5% on a year-over-year basis. On average, equities research analysts predict that Great Lakes Dredge & Dock Corp. will post ($0.02) EPS for the current fiscal year.
In other news, Director Robert B. Uhler bought 35,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was purchased at an average cost of $4.02 per share, with a total value of $140,700.00. Following the acquisition, the director now directly owns 46,116 shares in the company, valued at $185,386.32. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 3.75% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its position in Great Lakes Dredge & Dock Corp. by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 193,603 shares of the company’s stock valued at $845,000 after buying an additional 3,480 shares during the period. Walthausen & Co. LLC raised its stake in shares of Great Lakes Dredge & Dock Corp. by 10.3% in the second quarter. Walthausen & Co. LLC now owns 2,304,816 shares of the company’s stock valued at $10,049,000 after buying an additional 215,486 shares during the last quarter. KCG Holdings Inc. bought a new stake in shares of Great Lakes Dredge & Dock Corp. during the second quarter valued at approximately $104,000. Raymond James & Associates raised its stake in shares of Great Lakes Dredge & Dock Corp. by 7.8% in the second quarter. Raymond James & Associates now owns 174,977 shares of the company’s stock valued at $763,000 after buying an additional 12,599 shares during the last quarter. Finally, BlackRock Investment Management LLC raised its stake in shares of Great Lakes Dredge & Dock Corp. by 7.2% in the second quarter. BlackRock Investment Management LLC now owns 247,975 shares of the company’s stock valued at $1,081,000 after buying an additional 16,699 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.
About Great Lakes Dredge & Dock Corp.
Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors in the United States.
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