Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 12-Month High – What’s Next?

Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) hit a new 52-week high during trading on Thursday . The company traded as high as $16.22 and last traded at $16.4920, with a volume of 56929 shares traded. The stock had previously closed at $14.80.

Analysts Set New Price Targets

GLDD has been the topic of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Great Lakes Dredge & Dock in a research report on Thursday. They set an “overweight” rating and a $20.00 target price on the stock. Zacks Research cut shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. CJS Securities raised shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Great Lakes Dredge & Dock has an average rating of “Moderate Buy” and an average target price of $20.00.

Great Lakes Dredge & Dock Trading Up 8.4%

The company has a debt-to-equity ratio of 0.83, a current ratio of 1.20 and a quick ratio of 1.06. The business’s 50-day moving average is $13.25 and its two-hundred day moving average is $12.18. The firm has a market cap of $1.09 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.07 and a beta of 1.40.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 9.65% and a return on equity of 16.84%. The firm had revenue of $195.21 million for the quarter, compared to analysts’ expectations of $201.30 million. As a group, analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, SVP David Johanson sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $13.02, for a total transaction of $130,200.00. Following the transaction, the senior vice president directly owned 94,063 shares in the company, valued at approximately $1,224,700.26. The trade was a 9.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Hedge funds have recently bought and sold shares of the company. Canton Hathaway LLC boosted its stake in shares of Great Lakes Dredge & Dock by 9.1% during the 4th quarter. Canton Hathaway LLC now owns 46,700 shares of the construction company’s stock worth $613,000 after acquiring an additional 3,900 shares during the period. Perigon Wealth Management LLC bought a new position in Great Lakes Dredge & Dock during the 4th quarter worth $132,000. Mirabaud & Cie SA bought a new position in Great Lakes Dredge & Dock during the 4th quarter worth $157,000. SG Americas Securities LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 14.5% during the fourth quarter. SG Americas Securities LLC now owns 105,846 shares of the construction company’s stock worth $1,389,000 after buying an additional 13,414 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Great Lakes Dredge & Dock by 12.6% in the third quarter. JPMorgan Chase & Co. now owns 888,739 shares of the construction company’s stock valued at $10,656,000 after acquiring an additional 99,463 shares during the period. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Company Profile

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.