Great Lakes Dredge & Dock (NASDAQ:GLDD) Raised to “Strong-Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a strong-buy rating in a report issued on Friday morning, Zacks.com reports. They currently have $12.00 price objective on the construction company’s stock.

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. “

A number of other research firms have also issued reports on GLDD. BidaskClub upgraded Great Lakes Dredge & Dock from a sell rating to a hold rating in a research report on Wednesday, July 3rd. Noble Financial reiterated a buy rating and set a $12.10 price target on shares of Great Lakes Dredge & Dock in a research report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $12.05.

Shares of NASDAQ GLDD opened at $10.00 on Friday. Great Lakes Dredge & Dock has a twelve month low of $5.15 and a twelve month high of $11.81. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 1.58. The company has a market cap of $705.92 million, a P/E ratio of 27.78 and a beta of 0.62. The firm has a 50 day moving average price of $10.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Wednesday, July 31st. The construction company reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.06. Great Lakes Dredge & Dock had a return on equity of 23.27% and a net margin of 3.90%. The business had revenue of $184.81 million during the quarter, compared to the consensus estimate of $181.65 million. During the same period in the previous year, the business earned $0.02 EPS. The business’s quarterly revenue was up 36.6% on a year-over-year basis. Research analysts forecast that Great Lakes Dredge & Dock will post 0.72 EPS for the current year.

In other Great Lakes Dredge & Dock news, Director Ryan Levenson sold 555,117 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $10.93, for a total transaction of $6,067,428.81. Following the completion of the transaction, the director now owns 35,816 shares in the company, valued at approximately $391,468.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David E. Simonelli sold 4,059 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $10.40, for a total value of $42,213.60. Following the transaction, the insider now owns 322,298 shares of the company’s stock, valued at approximately $3,351,899.20. The disclosure for this sale can be found here. Insiders have sold a total of 816,176 shares of company stock valued at $8,898,262 in the last quarter. 4.66% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in GLDD. ClariVest Asset Management LLC raised its position in shares of Great Lakes Dredge & Dock by 7,589.5% during the first quarter. ClariVest Asset Management LLC now owns 963,722 shares of the construction company’s stock worth $8,587,000 after purchasing an additional 951,189 shares during the period. Nordea Investment Management AB acquired a new stake in shares of Great Lakes Dredge & Dock during the first quarter worth $3,263,000. Millennium Management LLC acquired a new position in Great Lakes Dredge & Dock during the fourth quarter valued at $2,244,000. Hennessy Advisors Inc. acquired a new position in Great Lakes Dredge & Dock during the second quarter valued at $3,441,000. Finally, BlackRock Inc. raised its position in Great Lakes Dredge & Dock by 7.6% during the fourth quarter. BlackRock Inc. now owns 4,280,035 shares of the construction company’s stock valued at $28,333,000 after buying an additional 303,406 shares during the period. Institutional investors and hedge funds own 82.74% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company is involved in capital dredging that consists of port expansion projects, coastal restoration and land reclamations, trench digging for pipelines, tunnels and cables, and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.

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