Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 1-Year High – Here’s What Happened

Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.99 and last traded at $16.9750, with a volume of 598865 shares traded. The stock had previously closed at $16.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Noble Financial lowered shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a report on Thursday, February 12th. CJS Securities reiterated a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. Wall Street Zen downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Texas Capital lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.00.

Great Lakes Dredge & Dock Price Performance

The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.26 and a beta of 1.38. The company’s fifty day moving average is $16.45 and its 200 day moving average is $13.92. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.10. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. The firm had revenue of $256.45 million for the quarter, compared to analyst estimates of $216.30 million. On average, equities research analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Institutional Trading of Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently bought and sold shares of GLDD. Financial Management Professionals Inc. bought a new position in Great Lakes Dredge & Dock in the fourth quarter valued at approximately $25,000. Farther Finance Advisors LLC raised its stake in shares of Great Lakes Dredge & Dock by 231.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after purchasing an additional 1,474 shares in the last quarter. MAI Capital Management raised its stake in shares of Great Lakes Dredge & Dock by 79.2% during the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after purchasing an additional 955 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Great Lakes Dredge & Dock in the 3rd quarter valued at approximately $46,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Great Lakes Dredge & Dock by 43.5% in the 2nd quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock valued at $61,000 after buying an additional 1,505 shares during the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

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.