Millennium Management LLC Invests $2.24 Million in Great Lakes Dredge & Dock Co. (GLDD) Stock

Article Image

Posted May 6, 2019

Millennium Management LLC purchased a new stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 339,046 shares of the construction company’s stock, valued at approximately $2,244,000. Millennium Management LLC owned about 0.54% of Great Lakes Dredge & Dock at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Great Lakes Dredge & Dock by 116.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,691 shares of the construction company’s stock valued at $31,000 after purchasing an additional 2,528 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in Great Lakes Dredge & Dock in the 4th quarter valued at $34,000. Legal & General Group Plc raised its position in Great Lakes Dredge & Dock by 18.2% in the 4th quarter. Legal & General Group Plc now owns 10,782 shares of the construction company’s stock valued at $71,000 after purchasing an additional 1,658 shares during the last quarter. ClariVest Asset Management LLC purchased a new stake in Great Lakes Dredge & Dock in the 4th quarter valued at $83,000. Finally, Metropolitan Life Insurance Co. NY raised its position in Great Lakes Dredge & Dock by 276.3% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 16,016 shares of the construction company’s stock valued at $106,000 after purchasing an additional 11,760 shares during the last quarter. Hedge funds and other institutional investors own 76.57% of the company’s stock.

GLDD stock opened at $10.23 on Wednesday. The company has a market cap of $598.34 million, a PE ratio of 28.42 and a beta of 0.67. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.27 and a quick ratio of 1.09. Great Lakes Dredge & Dock Co. has a twelve month low of $4.40 and a twelve month high of $10.29.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, April 30th. The construction company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.25. The firm had revenue of $192.60 million during the quarter, compared to the consensus estimate of $180.20 million. Great Lakes Dredge & Dock had a negative net margin of 0.93% and a positive return on equity of 6.99%. The firm’s revenue was up 44.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.15) earnings per share. On average, analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.46 EPS for the current year.

Several research firms recently commented on GLDD. Zacks Investment Research downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Wednesday. BidaskClub cut shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, ValuEngine lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Tuesday, February 12th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.50.

In other Great Lakes Dredge & Dock news, Director Ryan Levenson sold 115,092 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $8.56, for a total value of $985,187.52. Following the sale, the director now directly owns 35,816 shares in the company, valued at $306,584.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David E. Simonelli sold 11,991 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $8.60, for a total value of $103,122.60. Following the completion of the sale, the insider now owns 271,944 shares in the company, valued at $2,338,718.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,444,957 shares of company stock valued at $12,150,187. 4.66% of the stock is currently owned by corporate insiders.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company is involved 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.

Read More: Certificate of Deposit (CD)

Institutional Ownership by Quarter for Great Lakes Dredge & Dock (NASDAQ:GLDD)

Source: fidaily.com