Great Lakes Dredge & Dock (GLDD) Lifted to “Strong-Buy” at BidaskClub

Great Lakes Dredge & Dock (NASDAQ:GLDD) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other analysts have also recently commented on GLDD. ValuEngine cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. Zacks Investment Research upgraded Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $7.75 price target for the company in a research report on Wednesday, November 7th. One investment analyst has rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $7.88.

Shares of GLDD opened at $8.20 on Friday. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.56 and a quick ratio of 1.33. Great Lakes Dredge & Dock has a one year low of $4.25 and a one year high of $8.65. The company has a market cap of $483.59 million, a P/E ratio of 22.78 and a beta of 0.62.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Wednesday, February 20th. The construction company reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.13. Great Lakes Dredge & Dock had a positive return on equity of 6.98% and a negative net margin of 0.93%. The firm had revenue of $173.20 million during the quarter, compared to analysts’ expectations of $187.55 million. During the same period in the previous year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts predict that Great Lakes Dredge & Dock will post 0.45 EPS for the current year.

In related news, Director Ryan Levenson sold 125,000 shares of the business’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $7.53, for a total transaction of $941,250.00. Following the completion of the sale, the director now directly owns 35,816 shares in the company, valued at $269,694.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.13% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of GLDD. Russell Investments Group Ltd. grew its holdings in Great Lakes Dredge & Dock by 0.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 3,675,275 shares of the construction company’s stock valued at $22,783,000 after buying an additional 17,159 shares in the last quarter. Hodges Capital Management Inc. purchased a new stake in Great Lakes Dredge & Dock in the 3rd quarter valued at $429,000. TCW Group Inc. grew its holdings in Great Lakes Dredge & Dock by 45.3% in the 3rd quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after buying an additional 251,752 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Great Lakes Dredge & Dock by 129.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock valued at $165,000 after buying an additional 15,005 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Great Lakes Dredge & Dock by 4.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 662,831 shares of the construction company’s stock valued at $4,109,000 after buying an additional 30,425 shares in the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

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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