Great Lakes Dredge & Dock (NASDAQ:GLDD) Raised to Hold at Zacks Research

Great Lakes Dredge & Dock (NASDAQ:GLDD) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research firms have also commented on GLDD. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 price objective on shares of Great Lakes Dredge & Dock in a research note on Wednesday. CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. Weiss Ratings upgraded shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. Texas Capital lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Noble Financial cut shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ GLDD traded up $0.01 during mid-day trading on Wednesday, hitting $16.94. 986,090 shares of the stock were exchanged, compared to its average volume of 1,565,294. The company has a market cap of $1.13 billion, a P/E ratio of 15.83, a PEG ratio of 1.26 and a beta of 1.38. The stock’s fifty day simple moving average is $15.28 and its two-hundred day simple moving average is $13.24. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $16.99.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its earnings results on Monday, February 23rd. The construction company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.20 by $0.10. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%.The business had revenue of $256.45 million for the quarter, compared to the consensus estimate of $216.30 million. As a group, analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.

Insider Activity at Great Lakes Dredge & Dock

In related news, SVP David Johanson sold 2,100 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $13.96, for a total value of $29,316.00. Following the sale, the senior vice president directly owned 91,963 shares in the company, valued at $1,283,803.48. This trade represents a 2.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC boosted its stake in Great Lakes Dredge & Dock by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 12,168 shares of the construction company’s stock worth $160,000 after purchasing an additional 786 shares during the period. MAI Capital Management lifted its holdings in shares of Great Lakes Dredge & Dock by 79.2% in the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after purchasing an additional 955 shares in the last quarter. State of Wyoming boosted its position in shares of Great Lakes Dredge & Dock by 3.3% during the third quarter. State of Wyoming now owns 36,148 shares of the construction company’s stock worth $433,000 after buying an additional 1,142 shares during the period. AE Wealth Management LLC grew its holdings in shares of Great Lakes Dredge & Dock by 8.1% during the third quarter. AE Wealth Management LLC now owns 19,175 shares of the construction company’s stock worth $230,000 after buying an additional 1,443 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after buying an additional 1,474 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

About Great Lakes Dredge & Dock

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.