Posted on September 27, 2018
Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,526,658 shares, a decline of 35.4% from the August 15th total of 2,361,762 shares. Currently, 2.6% of the shares of the company are short sold. Based on an average trading volume of 117,857 shares, the days-to-cover ratio is currently 13.0 days.
In related news, CEO Lasse Petterson bought 50,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were purchased at an average cost of $5.30 per share, for a total transaction of $265,000.00. Following the completion of the purchase, the chief executive officer now directly owns 675,609 shares in the company, valued at $3,580,727.70. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 9.13% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. MetLife Investment Advisors LLC boosted its position in Great Lakes Dredge & Dock by 164.5% during the 1st quarter. MetLife Investment Advisors LLC now owns 27,775 shares of the construction company’s stock valued at $128,000 after buying an additional 17,274 shares during the period. Foundry Partners LLC purchased a new stake in Great Lakes Dredge & Dock during the 1st quarter valued at $2,564,000. Levin Capital Strategies L.P. boosted its position in Great Lakes Dredge & Dock by 78.2% during the 1st quarter. Levin Capital Strategies L.P. now owns 37,000 shares of the construction company’s stock valued at $170,000 after buying an additional 16,238 shares during the period. Harvey Partners LLC purchased a new stake in Great Lakes Dredge & Dock during the 1st quarter valued at $1,202,000. Finally, KBC Group NV boosted its position in Great Lakes Dredge & Dock by 23.2% during the 1st quarter. KBC Group NV now owns 57,047 shares of the construction company’s stock valued at $262,000 after buying an additional 10,730 shares during the period. 71.79% of the stock is owned by institutional investors.
Shares of NASDAQ:GLDD opened at $5.90 on Wednesday. Great Lakes Dredge & Dock has a one year low of $4.15 and a one year high of $5.95. The company has a quick ratio of 1.54, a current ratio of 1.79 and a debt-to-equity ratio of 1.86.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Wednesday, August 1st. The construction company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.01. Great Lakes Dredge & Dock had a negative net margin of 3.69% and a negative return on equity of 8.35%. The company had revenue of $150.59 million during the quarter, compared to analysts’ expectations of $182.50 million. During the same quarter in the prior year, the company earned ($0.07) EPS. The firm’s revenue was down 14.9% on a year-over-year basis. research analysts predict that Great Lakes Dredge & Dock will post 0.01 earnings per share for the current fiscal year.
Several analysts have recently issued reports on the stock. ValuEngine lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 18th. TheStreet raised shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. BidaskClub raised shares of Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a report on Saturday, September 8th. Zacks Investment Research lowered shares of Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, Noble Financial set a $8.00 price target on shares of Great Lakes Dredge & Dock and gave the stock a “buy” rating in a report on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $8.00.
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 News
