Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Sees Significant Decline in Short Interest

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the target of a large decrease in short interest in the month of November. As of November 29th, there was short interest totalling 2,310,000 shares, a decrease of 6.9% from the November 14th total of 2,480,000 shares. Based on an average daily trading volume, of 433,200 shares, the short-interest ratio is currently 5.3 days. Approximately 3.7% of the company’s shares are short sold.

In other news, SVP Kathleen Mackie Lavoy sold 3,383 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $11.00, for a total value of $37,213.00. Following the completion of the sale, the senior vice president now owns 104,149 shares of the company’s stock, valued at approximately $1,145,639. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ryan Levenson purchased 32,625 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was purchased at an average cost of $10.58 per share, with a total value of $345,172.50. Following the purchase, the director now owns 35,816 shares in the company, valued at $378,933.28. The disclosure for this purchase can be found here. In the last three months, insiders sold 30,905 shares of company stock valued at $359,777. Corporate insiders own 4.66% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Great Lakes Dredge & Dock by 4.2% during the 2nd quarter. BlackRock Inc. now owns 4,331,739 shares of the construction company’s stock worth $47,823,000 after buying an additional 173,882 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Great Lakes Dredge & Dock by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 2,912,024 shares of the construction company’s stock worth $32,148,000 after buying an additional 87,712 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Great Lakes Dredge & Dock by 218.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,536,984 shares of the construction company’s stock worth $16,661,000 after buying an additional 1,053,659 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in Great Lakes Dredge & Dock by 23.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,489,049 shares of the construction company’s stock worth $16,439,000 after buying an additional 279,745 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Great Lakes Dredge & Dock by 93.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,302,200 shares of the construction company’s stock worth $14,376,000 after buying an additional 629,700 shares in the last quarter. Institutional investors own 87.58% of the company’s stock.

Several research firms have recently weighed in on GLDD. BidaskClub raised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. ValuEngine upgraded shares of Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Zacks Investment Research lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a report on Thursday, October 31st. Finally, Noble Financial restated a “buy” rating and issued a $13.80 price objective on shares of Great Lakes Dredge & Dock in a report on Sunday, October 6th.

Shares of GLDD stock traded up $0.02 during trading hours on Friday, hitting $11.63. The company had a trading volume of 321,699 shares, compared to its average volume of 380,069. The company’s fifty day moving average is $10.53 and its 200 day moving average is $10.60. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.36 and a quick ratio of 1.24. Great Lakes Dredge & Dock has a fifty-two week low of $6.09 and a fifty-two week high of $11.94. The stock has a market capitalization of $753.62 million, a PE ratio of 15.11 and a beta of 0.48.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, November 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.02. The company had revenue of $169.80 million for the quarter, compared to analyst estimates of $178.50 million. Great Lakes Dredge & Dock had a net margin of 3.56% and a return on equity of 20.57%. The firm’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. Equities analysts forecast that Great Lakes Dredge & Dock will post 0.74 earnings per share for the current year.

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.

Read More: Asset Allocation Models, Which is Right For You?

Receive News & Ratings for Great Lakes Dredge & Dock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Great Lakes Dredge & Dock and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit