Great Lakes Dredge & Dock (NASDAQ:GLDD) Stock Rating Lowered by Zacks Research

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. CJS Securities upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Great Lakes Dredge & Dock has an average rating of “Moderate Buy”.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $13.36 on Monday. The business has a 50 day simple moving average of $12.82 and a 200 day simple moving average of $12.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.20 and a quick ratio of 1.06. The company has a market capitalization of $908.55 million, a PE ratio of 11.36, a price-to-earnings-growth ratio of 1.05 and a beta of 1.40. Great Lakes Dredge & Dock has a one year low of $7.51 and a one year high of $14.02.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a return on equity of 16.84% and a net margin of 9.65%.The firm had revenue of $195.21 million during the quarter, compared to analyst estimates of $201.30 million. On average, sell-side analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Great Lakes Dredge & Dock news, SVP David Johanson sold 10,000 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $13.02, for a total value of $130,200.00. Following the sale, the senior vice president directly owned 94,063 shares in the company, valued at approximately $1,224,700.26. This trade represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by insiders.

Institutional Trading of Great Lakes Dredge & Dock

Several hedge funds have recently bought and sold shares of GLDD. MAI Capital Management lifted its position in Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after acquiring an additional 955 shares in the last quarter. Strs Ohio acquired a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter valued at about $45,000. State of Alaska Department of Revenue bought a new stake in shares of Great Lakes Dredge & Dock in the third quarter valued at about $46,000. Federated Hermes Inc. boosted its position in shares of Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after buying an additional 1,505 shares during the period. Finally, CWM LLC grew its holdings in shares of Great Lakes Dredge & Dock by 125.0% during the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock worth $84,000 after buying an additional 3,886 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

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.