Posted on November 15, 2023
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) stock fell -1.42% on Monday to $6.25 against a previous-day closing price of $6.34. With 0.52 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.34 million shares. During the session, the Engineering & Construction company that operates in wider Industrials sector, reached to the highest price of $6.33 whereas the lowest price it dropped to was $6.12. The 52-week range on GLDD shows that it touched its highest point at $9.67 and its lowest point at $4.74 during that stretch. It currently has a 1-year price target of $12.33. Beta for the stock currently stands at 0.99.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of GLDD was down-trending over the past week, with a drop of -16.67%, but this was down by -22.36% over a month. Three-month performance dropped to -29.78% while six-month performance fell -1.73%. The stock lost -9.16% in the past year, while it has gained 5.04% so far this year. A look at the trailing 12-month EPS for GLDD yields -0.59 with Next year EPS estimates of 0.62. For the next quarter, that number is 0.10. This implies an EPS growth rate of 94.87% for this year and 2437.47% for next year. EPS is expected to decline by -13.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -0.24%.
Float and Shares Shorts:
At present, 66.19 million GLDD shares are outstanding with a float of 64.48 million shares on hand for trading. On Oct 30, 2023, short shares totaled 1.09 million, which was 1.63% higher than short shares on Sep 28, 2023. In addition to Mr. Lasse J. Petterson as the firm’s CEO, President & Director, Mr. Scott Lee Kornblau serves as its Senior VP, Treasurer & CFO.
Through their ownership of 86.73% of GLDD’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 51.89% of GLDD, in contrast to 51.85% held by mutual funds. Shares owned by individuals account for 32.83%. As the largest shareholder in GLDD with 8.73% of the stake, BlackRock Fund Advisors holds 5,801,175 shares worth 5,801,175. A second-largest stockholder of GLDD, AllianceBernstein LP, holds 4,935,510 shares, controlling over 7.42% of the firm’s shares. Dimensional Fund Advisors LP is the third largest shareholder in GLDD, holding 4,164,415 shares or 6.26% stake. With a 2.77% stake in GLDD, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 1,843,428 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.25% of GLDD stock, is the second-largest Mutual Fund holder. It holds 1,493,092 shares valued at 11.9 million. iShares Tr. – US Infrastructure E holds 2.25% of the stake in GLDD, owning 1,493,024 shares worth 11.9 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GLDD since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With GLDD analysts setting a high price target of $14.00 and a low target of $11.00, the average target price over the next 12 months is $12.33. Based on these targets, GLDD could surge 124.0% to reach the target high and rise by 76.0% to reach the target low. Reaching the average price target will result in a growth of 97.28% from current levels.
Summary of Insider Activity:
Insiders traded GLDD stock several times over the past three months with 3 Buys and 0 Sells. In these transactions, 10,444 shares were bought while 0 shares were sold. The number of buy transactions has increased to 32 while that of sell transactions has risen to 24 over the past year. The total number of shares bought during that period was 731,309 while 59,160 shares were sold.