Posted on February 16, 2019
Bank of New York Mellon Corp boosted its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 4.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 662,831 shares of the construction company’s stock after purchasing an additional 30,425 shares during the period. Bank of New York Mellon Corp owned about 1.06% of Great Lakes Dredge & Dock worth $4,109,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Great Lakes Dredge & Dock by 5.5% during the 2nd quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock valued at $20,739,000 after buying an additional 205,172 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in shares of Great Lakes Dredge & Dock by 419.7% during the 3rd quarter. Essex Investment Management Co. LLC now owns 325,593 shares of the construction company’s stock valued at $2,019,000 after buying an additional 262,946 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Great Lakes Dredge & Dock by 0.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 3,675,275 shares of the construction company’s stock valued at $22,783,000 after buying an additional 17,159 shares during the last quarter. Hodges Capital Management Inc. purchased a new position in shares of Great Lakes Dredge & Dock during the 3rd quarter valued at $429,000. Finally, TCW Group Inc. lifted its position in shares of Great Lakes Dredge & Dock by 45.3% during the 3rd quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after buying an additional 251,752 shares during the last quarter. Hedge funds and other institutional investors own 75.51% of the company’s stock.
A number of research analysts have recently commented on the company. ValuEngine cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub cut Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 30th. Finally, Zacks Investment Research raised Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $7.75 price target on the stock in a research report on Wednesday, November 7th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $7.88.
Shares of GLDD opened at $7.27 on Friday. The stock has a market cap of $440.48 million, a P/E ratio of -26.93 and a beta of 0.62. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.33 and a current ratio of 1.56. Great Lakes Dredge & Dock Co. has a 52-week low of $4.25 and a 52-week high of $7.94.
In related news, Director Ryan Levenson sold 125,000 shares of the stock in a transaction dated Thursday, December 13th. The stock was sold at an average price of $7.53, for a total transaction of $941,250.00. Following the sale, the director now owns 35,816 shares of the company’s stock, valued at approximately $269,694.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.13% of the company’s stock.
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: fairfieldcurrent
