Great Lakes Dredge & Dock Co. (GLDD) Receives $7.50 Consensus Target Price from Analysts

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) has been given an average recommendation of “Buy” by the six research firms that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $7.50.

Several brokerages recently commented on GLDD. BidaskClub raised Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. ValuEngine raised Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 19th. Zacks Investment Research raised Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Monday, October 1st. Noble Financial reaffirmed a “buy” rating and set a $8.00 target price on shares of Great Lakes Dredge & Dock in a research report on Wednesday, July 18th. Finally, TheStreet raised Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research report on Monday, September 10th.

In related news, CEO Lasse Petterson bought 50,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average price of $5.30 per share, with a total value of $265,000.00. Following the completion of the transaction, the chief executive officer now directly owns 675,609 shares of the company’s stock, valued at $3,580,727.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.13% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of Great Lakes Dredge & Dock by 1.5% in the second quarter. Jennison Associates LLC now owns 4,968,171 shares of the construction company’s stock valued at $26,083,000 after acquiring an additional 75,122 shares during the period. BlackRock Inc. boosted its position in shares of Great Lakes Dredge & Dock by 5.5% in the second quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock valued at $20,739,000 after acquiring an additional 205,172 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Great Lakes Dredge & Dock by 0.5% in the third quarter. Russell Investments Group Ltd. now owns 3,675,275 shares of the construction company’s stock valued at $22,783,000 after acquiring an additional 17,159 shares during the period. TCW Group Inc. boosted its position in shares of Great Lakes Dredge & Dock by 45.3% in the third quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after acquiring an additional 251,752 shares during the period. Finally, Foundry Partners LLC boosted its position in shares of Great Lakes Dredge & Dock by 23.1% in the second quarter. Foundry Partners LLC now owns 685,950 shares of the construction company’s stock valued at $3,601,000 after acquiring an additional 128,575 shares during the period. 72.30% of the stock is owned by institutional investors.

Shares of GLDD traded up $0.88 during trading hours on Thursday, reaching $6.75. The company’s stock had a trading volume of 39,166 shares, compared to its average volume of 116,558. The company has a market capitalization of $371.34 million, a price-to-earnings ratio of -24.81 and a beta of 0.62. Great Lakes Dredge & Dock has a 1-year low of $4.15 and a 1-year high of $6.39. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.79 and a quick ratio of 1.54.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, November 6th. The construction company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.14. The company had revenue of $204.32 million for the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 8.35% and a negative net margin of 3.69%. The firm’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) EPS. Equities research analysts expect that Great Lakes Dredge & Dock will post 0.01 earnings per share for the current fiscal year.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved in capital dredging that consists of port expansion projects, coastal restoration and land reclamations, trench digging for pipelines, tunnels and cables, and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.

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