Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Receives Average Recommendation of “Hold” from Analysts

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has been assigned a consensus rating of “Hold” from the six research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $17.00.

GLDD has been the subject of a number of analyst reports. Texas Capital cut shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Zacks Research upgraded shares of Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Wall Street Zen upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a report on Saturday, April 4th. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. Finally, Noble Financial cut shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a report on Thursday, February 12th.

Great Lakes Dredge & Dock Stock Performance

GLDD stock opened at $17.00 on Wednesday. The company has a market cap of $1.14 billion, a P/E ratio of 15.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38. The business’s fifty day moving average is $17.00 and its 200-day moving average is $15.47. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. Great Lakes Dredge & Dock has a twelve month low of $8.80 and a twelve month high of $17.02.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several institutional investors have recently modified their holdings of GLDD. Oddo BHF Asset Management Sas acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter valued at approximately $19,829,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter valued at approximately $14,688,000. Millennium Management LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 228.7% in the third quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock valued at $13,742,000 after buying an additional 797,411 shares during the period. Gabelli Funds LLC acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter valued at approximately $8,594,000. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 404.0% in the second quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock valued at $6,000,000 after buying an additional 394,543 shares during the period. Institutional investors own 89.11% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.