Noble Financial Has Pessimistic View of GLDD FY2024 Earnings

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) – Stock analysts at Noble Financial decreased their FY2024 earnings estimates for Great Lakes Dredge & Dock in a research report issued to clients and investors on Wednesday, November 6th. Noble Financial analyst J. Gomes now forecasts that the construction company will post earnings of $0.78 per share for the year, down from their previous estimate of $0.81. Noble Financial has a “Outperform” rating and a $14.00 price objective on the stock. The consensus estimate for Great Lakes Dredge & Dock’s current full-year earnings is $0.80 per share.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.05). Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. The business had revenue of $191.17 million during the quarter, compared to the consensus estimate of $180.80 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share.

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

Great Lakes Dredge & Dock Stock Up 2.5 %

Great Lakes Dredge & Dock stock opened at $12.69 on Friday. The stock has a market cap of $853.68 million, a PE ratio of 14.59, a price-to-earnings-growth ratio of 0.41 and a beta of 1.13. 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 stock has a fifty day moving average of $10.97 and a 200 day moving average of $9.58. Great Lakes Dredge & Dock has a one year low of $6.12 and a one year high of $12.80.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 46,510 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $9.08, for a total transaction of $422,310.80. Following the completion of the sale, the chief executive officer now directly owns 931,101 shares of the company’s stock, valued at $8,454,397.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 128,990 shares of company stock valued at $1,174,747 over the last 90 days. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently made changes to their positions in the company. Jennison Associates LLC grew its holdings in shares of Great Lakes Dredge & Dock by 1.9% in the third quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company’s stock valued at $45,631,000 after purchasing an additional 79,087 shares in the last quarter. Vanguard Group Inc. increased its stake in Great Lakes Dredge & Dock by 1.4% in the first quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock worth $29,870,000 after purchasing an additional 48,760 shares during the period. TCW Group Inc. lifted its position in shares of Great Lakes Dredge & Dock by 2.0% during the second quarter. TCW Group Inc. now owns 1,996,138 shares of the construction company’s stock worth $17,526,000 after purchasing an additional 38,200 shares during the last quarter. Minerva Advisors LLC increased its stake in Great Lakes Dredge & Dock by 1.5% in the 3rd quarter. Minerva Advisors LLC now owns 1,341,807 shares of the construction company’s stock worth $14,116,000 after buying an additional 19,470 shares during the period. Finally, Private Management Group Inc. lifted its holdings in Great Lakes Dredge & Dock by 2.9% during the 2nd quarter. Private Management Group Inc. now owns 1,253,165 shares of the construction company’s stock valued at $11,003,000 after buying an additional 35,077 shares in the last quarter. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

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.