BidaskClub Lowers Great Lakes Dredge & Dock (NASDAQ:GLDD) to Hold

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BidaskClub cut shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a buy rating to a hold rating in a research note issued to investors on Thursday, BidAskClub reports.

A number of other brokerages have also weighed in on GLDD. ValuEngine lowered shares of Great Lakes Dredge & Dock from a buy rating to a hold rating in a report on Tuesday, September 10th. Noble Financial set a $14.00 price objective on shares of Great Lakes Dredge & Dock and gave the company a buy rating in a report on Wednesday, August 21st. Finally, Zacks Investment Research upgraded shares of Great Lakes Dredge & Dock from a hold rating to a strong-buy rating and set a $12.00 price objective on the stock in a report on Friday, August 2nd.

Shares of GLDD opened at $10.18 on Thursday. Great Lakes Dredge & Dock has a twelve month low of $5.37 and a twelve month high of $11.81. The firm’s fifty day simple moving average is $10.52 and its 200-day simple moving average is $10.18. The firm has a market capitalization of $637.63 million, a price-to-earnings ratio of 28.28 and a beta of 0.60. The company has a current ratio of 1.31, a quick ratio of 1.18 and a debt-to-equity ratio of 1.50.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data 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 net margin of 3.90% and a return on equity of 22.64%. The business had revenue of $184.81 million for the quarter, compared to analyst estimates of $181.65 million. During the same period last year, the business earned $0.02 EPS. The company’s revenue was up 36.6% on a year-over-year basis. On average, analysts predict that Great Lakes Dredge & Dock will post 0.74 earnings per share for the current fiscal year.

In related news, Director Ryan Levenson sold 21,905 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $10.14, for a total value of $222,116.70. Following the transaction, the director now directly owns 35,816 shares of the company’s stock, valued at approximately $363,174.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider David E. Simonelli sold 3,809 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $10.90, for a total transaction of $41,518.10. Following the completion of the transaction, the insider now directly owns 322,048 shares in the company, valued at $3,510,323.20. The disclosure for this sale can be found here. Insiders sold a total of 26,878 shares of company stock worth $276,171 over the last ninety days. Insiders own 4.66% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of GLDD. BNP Paribas Arbitrage SA grew its position in shares of Great Lakes Dredge & Dock by 415.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,882 shares of the construction company’s stock valued at $106,000 after buying an additional 9,578 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at $126,000. New York State Teachers Retirement System purchased a new position in Great Lakes Dredge & Dock during the 1st quarter worth $45,000. Falcon Point Capital LLC grew its position in Great Lakes Dredge & Dock by 2.2% during the 1st quarter. Falcon Point Capital LLC now owns 95,576 shares of the construction company’s stock worth $852,000 after purchasing an additional 2,055 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Great Lakes Dredge & Dock during the 1st quarter worth $418,000. 85.76% of the stock is currently owned by hedge funds and other institutional investors.

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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