Jennison Associates LLC Has $17.50 Million Stock Holdings in Great Lakes Dredge & Dock Corporation $GLDD

Jennison Associates LLC decreased its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 73.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,029,264 shares of the construction company’s stock after selling 2,777,240 shares during the period. Jennison Associates LLC’s holdings in Great Lakes Dredge & Dock were worth $17,497,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in Great Lakes Dredge & Dock by 6.7% in the first quarter. Principal Financial Group Inc. now owns 84,439 shares of the construction company’s stock valued at $1,435,000 after buying an additional 5,290 shares in the last quarter. Credit Industriel ET Commercial bought a new position in shares of Great Lakes Dredge & Dock in the first quarter worth about $1,177,000. Bogart Wealth LLC bought a new position in shares of Great Lakes Dredge & Dock in the first quarter worth about $51,000. State of Tennessee Department of Treasury acquired a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter valued at approximately $177,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Great Lakes Dredge & Dock by 4,730.2% in the 4th quarter. NewEdge Advisors LLC now owns 20,287 shares of the construction company’s stock valued at $266,000 after purchasing an additional 19,867 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GLDD. JPMorgan Chase & Co. cut shares of Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 price objective for the company. in a research report on Thursday, March 26th. Wall Street Zen raised shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Saturday, April 4th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.00.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD opened at $17.00 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. The stock has a market cap of $1.14 billion, a PE ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38. Great Lakes Dredge & Dock Corporation has a 12-month low of $8.80 and a 12-month high of $17.02. The business has a 50-day simple moving average of $15.47 and a two-hundred day simple moving average of $15.96.

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.