Great Lakes Dredge & Dock (NASDAQ:GLDD) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a buy rating to a hold rating in a research note published on Saturday.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of Great Lakes Dredge & Dock in a report on Thursday, January 22nd. They set an “overweight” rating and a $20.00 target price on the stock. Zacks Research lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Great Lakes Dredge & Dock presently has an average rating of “Buy” and a consensus target price of $20.00.

Great Lakes Dredge & Dock Trading Down 3.4%

Shares of GLDD stock opened at $14.89 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.20 and a debt-to-equity ratio of 0.83. The firm has a market cap of $1.01 billion, a P/E ratio of 12.62, a price-to-earnings-growth ratio of 1.13 and a beta of 1.40. The business has a 50-day moving average price of $13.44 and a two-hundred day moving average price of $12.27. Great Lakes Dredge & Dock has a 12-month low of $7.51 and a 12-month high of $16.72.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $195.21 million for the quarter, compared to analysts’ expectations of $201.30 million. Equities analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.

Insider Activity at Great Lakes Dredge & Dock

In other news, SVP David Johanson sold 2,100 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $13.96, for a total transaction of $29,316.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently added to or reduced their stakes in GLDD. MAI Capital Management raised its stake in Great Lakes Dredge & Dock by 79.2% during the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after acquiring an additional 955 shares during the period. Farther Finance Advisors LLC increased its stake 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 worth $28,000 after purchasing an additional 1,474 shares in the last quarter. Strs Ohio bought a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter valued at $45,000. State of Alaska Department of Revenue purchased a new position in shares of Great Lakes Dredge & Dock during the 3rd quarter valued at $46,000. Finally, Federated Hermes Inc. boosted its stake in shares of Great Lakes Dredge & Dock by 43.5% in 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 currently owned by hedge funds and other institutional investors.

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.