Jennison Associates LLC Has $17.50 Million Position in Great Lakes Dredge & Dock Corporation $GLDD

Jennison Associates LLC cut its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 73.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,029,264 shares of the construction company’s stock after selling 2,777,240 shares during the quarter. Jennison Associates LLC owned about 1.54% of Great Lakes Dredge & Dock worth $17,497,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter worth $25,000. Farther Finance Advisors LLC boosted its position in shares of Great Lakes Dredge & Dock by 231.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock valued at $28,000 after acquiring an additional 1,474 shares during the period. Strs Ohio acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter valued at about $45,000. Bogart Wealth LLC acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter valued at about $51,000. Finally, Federated Hermes Inc. increased 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 period. 89.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLDD has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered shares of Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 target price on the stock. in a research report on Thursday, March 26th. Wall Street Zen upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Saturday, April 4th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ GLDD opened at $17.00 on Wednesday. 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 Corporation has a 52 week low of $8.80 and a 52 week high of $17.02. The stock has a market capitalization of $1.14 billion, a P/E ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38. The stock’s fifty day moving average is $15.47 and its 200 day moving average is $15.96.

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.