Great Lakes Dredge & Dock (GLDD) Sets New 12-Month High at $9.62

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $9.62 and last traded at $9.40, with a volume of 8231 shares changing hands. The stock had previously closed at $9.45.

Several equities analysts have commented on GLDD shares. BidaskClub raised Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. ValuEngine downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $7.88.

The stock has a market cap of $593.92 million, a P/E ratio of 40.87 and a beta of 0.67. The company has a quick ratio of 1.09, a current ratio of 1.27 and a debt-to-equity ratio of 1.50.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Wednesday, February 20th. The construction company reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.13. The company had revenue of $173.20 million for the quarter, compared to the consensus estimate of $187.55 million. Great Lakes Dredge & Dock had a positive return on equity of 6.99% and a negative net margin of 0.93%. Great Lakes Dredge & Dock’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.14) EPS. On average, equities analysts predict that Great Lakes Dredge & Dock Co. will post 0.46 earnings per share for the current year.

In other news, insider David E. Simonelli sold 22,500 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $8.19, for a total transaction of $184,275.00. Following the transaction, the insider now owns 324,621 shares of the company’s stock, valued at approximately $2,658,645.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ryan Levenson sold 324,591 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $8.40, for a total value of $2,726,564.40. Following the transaction, the director now directly owns 35,816 shares in the company, valued at approximately $300,854.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,444,957 shares of company stock worth $12,150,187 in the last three months. Corporate insiders own 4.66% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Great Lakes Dredge & Dock by 0.7% during the 3rd quarter. BlackRock Inc. now owns 3,976,629 shares of the construction company’s stock worth $24,655,000 after buying an additional 26,259 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Great Lakes Dredge & Dock by 129.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock worth $165,000 after buying an additional 15,005 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Great Lakes Dredge & Dock by 4.8% during the third quarter. Bank of New York Mellon Corp now owns 662,831 shares of the construction company’s stock valued at $4,109,000 after purchasing an additional 30,425 shares in the last quarter. Virtu Financial LLC bought a new stake in Great Lakes Dredge & Dock during the fourth quarter valued at about $229,000. Finally, Vanguard Group Inc boosted its position in Great Lakes Dredge & Dock by 1.4% during the third quarter. Vanguard Group Inc now owns 2,899,946 shares of the construction company’s stock valued at $17,978,000 after purchasing an additional 39,315 shares in the last quarter. 76.72% of the stock is currently owned by institutional investors and hedge funds.

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Great Lakes Dredge & Dock Company Profile (NASDAQ:GLDD)

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment 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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