Zacks Investment Research upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a strong-buy rating in a report issued on Friday morning, Zacks.com reports. They currently have $12.00 price target on the construction company’s stock.
According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
Several other analysts have also recently weighed in on the company. Noble Financial restated a buy rating and set a $12.10 price target on shares of Great Lakes Dredge & Dock in a report on Thursday, June 20th. BidaskClub upgraded Great Lakes Dredge & Dock from a sell rating to a hold rating in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Great Lakes Dredge & Dock currently has a consensus rating of Buy and an average target price of $12.05.
Shares of NASDAQ:GLDD traded up $0.42 during midday trading on Friday, hitting $11.14. 646,038 shares of the stock were exchanged, compared to its average volume of 552,836. The firm has a market cap of $679.94 million, a PE ratio of 30.94 and a beta of 0.62. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.27 and a quick ratio of 1.13. The business’s 50-day simple moving average is $10.94. Great Lakes Dredge & Dock has a 12 month low of $5.15 and a 12 month high of $11.81.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Wednesday, July 31st. The construction company reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.06. The company had revenue of $184.81 million for the quarter, compared to analysts’ expectations of $181.65 million. Great Lakes Dredge & Dock had a return on equity of 23.27% and a net margin of 3.90%. The business’s quarterly revenue was up 36.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share. Research analysts forecast that Great Lakes Dredge & Dock will post 0.72 earnings per share for the current fiscal year.
In related news, insider David E. Simonelli sold 10,000 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $11.13, for a total value of $111,300.00. Following the transaction, the insider now directly owns 328,239 shares of the company’s stock, valued at $3,653,300.07. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider David E. Simonelli sold 4,059 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $10.40, for a total value of $42,213.60. Following the completion of the transaction, the insider now directly owns 322,298 shares in the company, valued at $3,351,899.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 993,623 shares of company stock worth $10,859,052. 4.66% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of GLDD. New York State Teachers Retirement System acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter worth approximately $45,000. Nkcfo LLC acquired a new position in shares of Great Lakes Dredge & Dock in the second quarter worth approximately $52,000. Meeder Asset Management Inc. acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter worth approximately $56,000. Quantamental Technologies LLC lifted its stake in shares of Great Lakes Dredge & Dock by 45.6% in the first quarter. Quantamental Technologies LLC now owns 7,573 shares of the construction company’s stock worth $67,000 after acquiring an additional 2,373 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Great Lakes Dredge & Dock by 18.2% in the fourth quarter. Legal & General Group Plc now owns 10,782 shares of the construction company’s stock worth $71,000 after acquiring an additional 1,658 shares during the period. 82.73% of the stock is currently owned by institutional investors.
About Great Lakes Dredge & Dock
Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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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