Posted on October 24, 2018
Foundry Partners LLC trimmed its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 1.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 675,400 shares of the construction company’s stock after selling 10,550 shares during the quarter. Foundry Partners LLC owned 1.08% of Great Lakes Dredge & Dock worth $4,187,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in shares of Great Lakes Dredge & Dock by 1.7% during the first quarter. Northern Trust Corp now owns 681,150 shares of the construction company’s stock valued at $3,133,000 after purchasing an additional 11,074 shares in the last quarter. Putnam Investments LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 4.1% during the second quarter. Putnam Investments LLC now owns 337,571 shares of the construction company’s stock valued at $1,772,000 after purchasing an additional 13,200 shares in the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of Great Lakes Dredge & Dock by 8.8% during the second quarter. Picton Mahoney Asset Management now owns 175,000 shares of the construction company’s stock valued at $919,000 after purchasing an additional 14,211 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Great Lakes Dredge & Dock by 135.6% during 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. Finally, MetLife Investment Advisors LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 164.5% during 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. 71.79% of the stock is currently owned by institutional investors and hedge funds.
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GLDD stock opened at $5.37 on Friday. Great Lakes Dredge & Dock Co. has a fifty-two week low of $4.15 and a fifty-two week high of $6.39. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.79 and a quick ratio of 1.54.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Wednesday, August 1st. The construction company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Great Lakes Dredge & Dock had a negative return on equity of 8.35% and a negative net margin of 3.69%. The company had revenue of $150.59 million for the quarter, compared to the consensus estimate of $182.50 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Great Lakes Dredge & Dock’s revenue was down 14.9% on a year-over-year basis. Sell-side analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.01 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on GLDD shares. Noble Financial set a $8.00 price target on Great Lakes Dredge & Dock and gave the company a “buy” rating in a report on Thursday, August 2nd. BidaskClub raised Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a report on Saturday, September 8th. TheStreet raised Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. Zacks Investment Research downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, ValuEngine downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 18th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $7.50.
In other news, CEO Lasse Petterson bought 50,000 shares of the stock in a transaction on Tuesday, August 14th. The shares were bought 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 owns 675,609 shares in the company, valued at $3,580,727.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.24% of the stock is currently owned by corporate insiders.
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: Press Oracle
