Great Lakes Dredge & Dock Corp. (GLDD) Stock Rating Upgraded by Zacks Investment Research
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
A number of other analysts also recently issued reports on the stock. Imperial Capital downgraded shares of Great Lakes Dredge & Dock Corp. from an “outperform” rating to an “in-line” rating and cut their price target for the stock from $5.50 to $4.00 in a report on Monday, August 8th. DA Davidson cut their price target on shares of Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $4.50.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) opened at 3.54 on Monday. Great Lakes Dredge & Dock Corp. has a 52 week low of $2.96 and a 52 week high of $5.78. The company’s market cap is $215.04 million. The company has a 50-day moving average of $3.70 and a 200-day moving average of $4.24.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.04. The firm had revenue of $192.19 million for the quarter, compared to analyst estimates of $222.13 million. Great Lakes Dredge & Dock Corp. had a negative return on equity of 2.50% and a negative net margin of 0.79%. The firm’s quarterly revenue was down 19.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 EPS. On average, equities research analysts predict that Great Lakes Dredge & Dock Corp. will post ($0.02) EPS for the current year.
In related news, Director Robert B. Uhler acquired 35,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was purchased at an average price of $4.02 per share, with a total value of $140,700.00. Following the transaction, the director now owns 46,116 shares of the company’s stock, valued at approximately $185,386.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.75% of the company’s stock.
Several institutional investors have recently bought and sold shares of GLDD. Schwab Charles Investment Management Inc. boosted its position in Great Lakes Dredge & Dock Corp. by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 193,603 shares of the company’s stock worth $845,000 after buying an additional 3,480 shares during the last quarter. Walthausen & Co. LLC boosted its position in Great Lakes Dredge & Dock Corp. by 10.3% in the second quarter. Walthausen & Co. LLC now owns 2,304,816 shares of the company’s stock worth $10,049,000 after buying an additional 215,486 shares during the last quarter. KCG Holdings Inc. acquired a new position in shares of Great Lakes Dredge & Dock Corp. during the second quarter valued at approximately $104,000. Raymond James & Associates boosted its position in shares of Great Lakes Dredge & Dock Corp. by 7.8% in the second quarter. Raymond James & Associates now owns 174,977 shares of the company’s stock valued at $763,000 after buying an additional 12,599 shares in the last quarter. Finally, BlackRock Investment Management LLC boosted its position in shares of Great Lakes Dredge & Dock Corp. by 7.2% in the second quarter. BlackRock Investment Management LLC now owns 247,975 shares of the company’s stock valued at $1,081,000 after buying an additional 16,699 shares in the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.
About Great Lakes Dredge & Dock Corp.
Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors in the United States.
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