Great Lakes Dredge & Dock Upgraded to Buy at Zacks Investment Research

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Posted October 3, 2018

Great Lakes Dredge & Dock (NASDAQ:GLDD)was upgraded by Zacks Investment Researchfrom a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $7.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.09% from the stock’s previous close.

According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “

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Other analysts have also issued research reports about the stock. BidaskClub lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. TheStreet raised shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. Noble Financial set a $8.00 price objective on shares of Great Lakes Dredge & Dock and gave the stock a “buy” rating in a report on Thursday, August 2nd. Finally, ValuEngineraised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 19th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $7.50.

Shares of NASDAQ GLDD traded down $0.01 during mid-day trading on Monday, hitting $6.19. 206,900 shares of the stock were exchanged, compared to its average volume of 163,819. The firm has a market cap of $386.29 million, a price-to-earnings ratio of -22.93 and a beta of 0.64. The company has a current ratio of 1.79, a quick ratio of 1.54 and a debt-to-equity ratio of 1.86. Great Lakes Dredge & Dock has a twelve month low of $4.15 and a twelve month high of $6.25.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Wednesday, August 1st. The construction company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The company had revenue of $150.59 million during the quarter, compared to analyst estimates of $182.50 million. Great Lakes Dredge & Dock had a negative net margin of 3.69% and a negative return on equity of 8.35%. The company’s revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. analysts forecast that Great Lakes Dredge & Dock will post 0.01 earnings per share for the current year.

In related news, CEO Lasse Petterson purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was acquired at an average price of $5.30 per share, with a total value of $265,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 675,609 shares in the company, valued at approximately $3,580,727.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.13% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. MetLife Investment Advisors LLC increased its holdings in shares of Great Lakes Dredge & Dock by 164.5% in the first quarter. MetLife Investment Advisors LLC now owns 27,775 shares of the construction company’s stock valued at $128,000 after purchasing an additional 17,274 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Great Lakes Dredge & Dock by 135.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 26,679 shares of the construction company’s stock valued at $140,000 after purchasing an additional 15,353 shares in the last quarter. Levin Capital Strategies L.P. increased its holdings in shares of Great Lakes Dredge & Dock by 78.2% in the first quarter. Levin Capital Strategies L.P. now owns 37,000 shares of the construction company’s stock valued at $170,000 after purchasing an additional 16,238 shares in the last quarter. HighPoint Advisor Group LLC acquired a new stake in shares of Great Lakes Dredge & Dock in the second quarter valued at approximately $216,000. Finally, KBC Group NV increased its holdings in shares of Great Lakes Dredge & Dock by 23.2% in the first quarter. KBC Group NV now owns 57,047 shares of the construction company’s stock valued at $262,000 after purchasing an additional 10,730 shares in the last quarter. 71.79% of the stock is owned by institutional investors and hedge funds.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment 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.

Source: Baseball Daily Digest