Great Lakes Dredge & Dock (NASDAQ:GLDD) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a buy rating to a hold rating in a research report released on Saturday.

A number of other research firms also recently issued reports on GLDD. Weiss Ratings upgraded shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Zacks Research lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. 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 price target on the stock. Finally, CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $20.00.

Great Lakes Dredge & Dock Price Performance

GLDD stock opened at $15.41 on Friday. The stock has a 50-day moving average price of $13.38 and a two-hundred day moving average price of $12.23. Great Lakes Dredge & Dock has a 1 year low of $7.51 and a 1 year high of $16.72. The stock has a market cap of $1.05 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.13 and a beta of 1.40. The company has a current ratio of 1.20, a quick ratio of 1.06 and a debt-to-equity ratio of 0.83.

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

Insider Buying and Selling

In related news, SVP David Johanson sold 10,000 shares of Great Lakes Dredge & Dock stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $13.02, for a total transaction of $130,200.00. Following the completion of the transaction, the senior vice president owned 94,063 shares in the company, valued at approximately $1,224,700.26. This trade represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. HB Wealth Management LLC acquired a new position in shares of Great Lakes Dredge & Dock in the third quarter valued at approximately $1,058,000. Employees Retirement System of Texas bought a new stake in Great Lakes Dredge & Dock in the 2nd quarter valued at $442,000. Allspring Global Investments Holdings LLC grew its holdings in Great Lakes Dredge & Dock by 99.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 494,033 shares of the construction company’s stock valued at $5,884,000 after buying an additional 246,007 shares in the last quarter. Atria Investments Inc acquired a new position in Great Lakes Dredge & Dock in the 2nd quarter valued at $156,000. Finally, Geode Capital Management LLC increased its position in Great Lakes Dredge & Dock by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,656,547 shares of the construction company’s stock worth $20,195,000 after buying an additional 51,269 shares during the period. 89.11% of the stock is currently owned by institutional investors.

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.