Short Interest in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Drops By 10.4%

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 878,000 shares, a drop of 10.4% from the August 31st total of 979,700 shares. Approximately 1.3% of the company’s stock are sold short. Based on an average daily volume of 495,900 shares, the short-interest ratio is currently 1.8 days.

Great Lakes Dredge & Dock Stock Down 1.0 %

Shares of GLDD stock traded down $0.11 during trading hours on Friday, reaching $10.47. 208,924 shares of the company’s stock were exchanged, compared to its average volume of 430,458. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.98. Great Lakes Dredge & Dock has a 1 year low of $6.11 and a 1 year high of $10.93. The stock has a market cap of $701.58 million, a PE ratio of 18.37, a PEG ratio of 0.38 and a beta of 1.15. The stock’s fifty day moving average price is $9.45 and its two-hundred day moving average price is $8.87.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, August 6th. The construction company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $165.00 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. Research analysts predict that Great Lakes Dredge & Dock will post 0.8 EPS for the current year.

Insider Activity

In other news, CEO Lasse Petterson sold 28,709 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 902,392 shares in the company, valued at $8,338,102.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 128,990 shares of company stock worth $1,174,747. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of large investors have recently made changes to their positions in the stock. Quarry LP grew its holdings in shares of Great Lakes Dredge & Dock by 68.5% in the second quarter. Quarry LP now owns 3,097 shares of the construction company’s stock valued at $27,000 after purchasing an additional 1,259 shares in the last quarter. Innealta Capital LLC acquired a new position in Great Lakes Dredge & Dock in the 2nd quarter valued at about $30,000. CWM LLC grew its position in Great Lakes Dredge & Dock by 520.5% in the 2nd quarter. CWM LLC now owns 5,051 shares of the construction company’s stock valued at $44,000 after buying an additional 4,237 shares during the last quarter. ARS Investment Partners LLC increased its stake in shares of Great Lakes Dredge & Dock by 11.0% during the second quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after acquiring an additional 1,200 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of Great Lakes Dredge & Dock in the fourth quarter valued at approximately $113,000. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GLDD. 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. Noble Financial raised their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd.

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.