Great Lakes Dredge & Dock Corporation $GLDD Position Reduced by Harvey Partners LLC

Harvey Partners LLC decreased its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 0.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,700,551 shares of the construction company’s stock after selling 32,449 shares during the period. Great Lakes Dredge & Dock comprises approximately 3.9% of Harvey Partners LLC’s portfolio, making the stock its 4th biggest holding. Harvey Partners LLC owned 5.44% of Great Lakes Dredge & Dock worth $44,370,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. MAI Capital Management boosted its position in shares of 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 worth $26,000 after buying an additional 955 shares in the last quarter. Strs Ohio purchased a new position in Great Lakes Dredge & Dock during the 1st quarter valued at about $45,000. State of Alaska Department of Revenue acquired a new position in Great Lakes Dredge & Dock during the third quarter worth about $46,000. Federated Hermes Inc. raised its position in 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 acquiring an additional 1,505 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 125.0% in the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock valued at $84,000 after purchasing an additional 3,886 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

GLDD stock opened at $16.92 on Monday. The company has a market cap of $1.13 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 1.25 and a beta of 1.38. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73. The stock has a 50-day moving average price of $15.73 and a two-hundred day moving average price of $13.48. Great Lakes Dredge & Dock Corporation has a 12-month low of $7.51 and a 12-month high of $16.99.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Monday, February 23rd. The construction company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $256.45 million for the quarter, compared to the consensus estimate of $216.30 million. As a group, research analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GLDD. Noble Financial downgraded Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 21st. Zacks Research upgraded shares of Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $17.00 target price on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 4th. Finally, Texas Capital downgraded shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.00.

Great Lakes Dredge & Dock 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.