Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up on Analyst Upgrade

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s share price gapped up prior to trading on Monday after Noble Financial raised their price target on the stock from $11.00 to $14.00. The stock had previously closed at $10.45, but opened at $10.70. Noble Financial currently has an outperform rating on the stock. Great Lakes Dredge & Dock shares last traded at $10.69, with a volume of 55,711 shares changing hands.

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

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 28,709 shares of Great Lakes Dredge & Dock stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $9.24, for a total transaction of $265,271.16. Following the completion of the transaction, the chief executive officer now owns 902,392 shares of the company’s stock, valued at approximately $8,338,102.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 128,990 shares of company stock valued at $1,174,747 over the last three months. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in Great Lakes Dredge & Dock during the first quarter valued at approximately $1,701,000. Aigen Investment Management LP purchased a new position in Great Lakes Dredge & Dock in the fourth quarter worth $243,000. Dimensional Fund Advisors LP increased 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 valued at $33,458,000 after acquiring an additional 192,053 shares during the last quarter. Vanguard Group Inc. raised its position in Great Lakes Dredge & Dock by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock valued at $29,870,000 after purchasing an additional 48,760 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Great Lakes Dredge & Dock by 2.6% during the fourth quarter. Wellington Management Group LLP now owns 451,626 shares of the construction company’s stock worth $3,468,000 after purchasing an additional 11,640 shares during the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

The stock has a market capitalization of $717.00 million, a P/E ratio of 18.79, a price-to-earnings-growth ratio of 0.34 and a beta of 1.15. 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 firm has a 50-day moving average price of $9.30 and a 200 day moving average price of $8.80.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued 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. The business had revenue of $170.09 million during the quarter, compared to analyst estimates of $165.00 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, analysts expect that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current year.

Great Lakes Dredge & Dock Company Profile

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.