Great Lakes Dredge & Dock (NASDAQ:GLDD) Hits New 52-Week High at $10.73

Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) reached a new 52-week high on Friday . The company traded as high as $10.73 and last traded at $10.72, with a volume of 427110 shares trading hands. The stock had previously closed at $10.32.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Thursday, August 15th.

Great Lakes Dredge & Dock Price Performance

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.13 and a current ratio of 1.32. The company has a market cap of $710.30 million, a P/E ratio of 18.11, a P/E/G ratio of 0.34 and a beta of 1.15. The firm’s fifty day moving average is $9.27 and its two-hundred day moving average is $8.80.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.08. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. The firm had revenue of $170.09 million during the quarter, compared to analysts’ expectations of $165.00 million. During the same quarter last year, the business posted $0.03 earnings per share. As a group, analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Lasse Petterson sold 28,709 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $9.24, for a total value of $265,271.16. Following the sale, the chief executive officer now directly owns 902,392 shares in the company, valued at $8,338,102.08. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders sold 128,990 shares of company stock valued at $1,174,747. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Great Lakes Dredge & Dock

A number of hedge funds and other institutional investors have recently bought and sold shares of GLDD. Algert Global LLC bought a new position in shares of Great Lakes Dredge & Dock in the second quarter worth about $2,192,000. Sanctuary Advisors LLC purchased a new position in shares of Great Lakes Dredge & Dock during the second quarter worth approximately $2,057,000. Marshall Wace LLP bought a new stake in shares of Great Lakes Dredge & Dock during the second quarter valued at approximately $1,823,000. GSA Capital Partners LLP purchased a new stake in shares of Great Lakes Dredge & Dock in the first quarter valued at approximately $1,701,000. Finally, Dimensional Fund Advisors LP grew its stake in Great Lakes Dredge & Dock by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,356,468 shares of the construction company’s stock worth $33,458,000 after purchasing an additional 192,053 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages 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.