Short Interest in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Declines By 6.2%

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the target of a large decline in short interest in September. As of September 30th, there was short interest totalling 823,200 shares, a decline of 6.2% from the September 15th total of 878,000 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average trading volume of 509,600 shares, the days-to-cover ratio is currently 1.6 days.

Great Lakes Dredge & Dock Trading Up 0.3 %

NASDAQ GLDD opened at $12.01 on Friday. The company has a market cap of $804.78 million, a P/E ratio of 21.07, a P/E/G ratio of 0.41 and a beta of 1.15. Great Lakes Dredge & Dock has a 12 month low of $6.11 and a 12 month high of $12.09. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.32 and a quick ratio of 1.13. The company has a 50-day moving average of $10.12 and a 200-day moving average of $9.15.

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. 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 boosted their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, September 23rd.

Insider Transactions at Great Lakes Dredge & Dock

In related news, CEO Lasse Petterson sold 46,510 shares of Great Lakes Dredge & Dock stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $9.08, for a total transaction of $422,310.80. Following the completion of the transaction, the chief executive officer now directly owns 931,101 shares of the company’s stock, valued at approximately $8,454,397.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold 128,990 shares of company stock valued at $1,174,747 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC acquired a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter valued at about $2,192,000. Sanctuary Advisors LLC purchased a new stake in Great Lakes Dredge & Dock during the second quarter worth approximately $2,057,000. Marshall Wace LLP purchased a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter valued at $1,823,000. GSA Capital Partners LLP purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at about $1,701,000. Finally, Bfsg LLC boosted its holdings in Great Lakes Dredge & Dock by 1,465.4% in the 3rd quarter. Bfsg LLC now owns 185,035 shares of the construction company’s stock worth $1,948,000 after acquiring an additional 173,215 shares during the period. 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.