Posted on November 15, 2018
Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Tuesday, October 23rd.
Several other analysts also recently weighed in on GLDD. Zacks Investment Research downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 4th. ValuEngine upgraded Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 19th. Noble Financial restated a “buy” rating and issued a $8.00 price target on shares of Great Lakes Dredge & Dock in a research note on Wednesday, July 18th. Finally, TheStreet upgraded Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research note on Monday, September 10th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. Great Lakes Dredge & Dock has a consensus rating of “Buy” and a consensus target price of $7.88.
GLDD stock opened at $7.25 on Tuesday. Great Lakes Dredge & Dock has a fifty-two week low of $4.15 and a fifty-two week high of $7.31. The company has a current ratio of 1.56, a quick ratio of 1.54 and a debt-to-equity ratio of 1.57. The company has a market cap of $447.35 million, a price-to-earnings ratio of -26.85 and a beta of 0.62.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, November 6th. The construction company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.15. The firm had revenue of $204.32 million for the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 0.73% and a negative net margin of 1.07%. The business’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) EPS. On average, analysts expect that Great Lakes Dredge & Dock will post 0.27 EPS for the current year.
In other Great Lakes Dredge & Dock news, CEO Lasse Petterson bought 50,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were acquired at an average cost of $5.30 per share, for a total transaction of $265,000.00. Following the purchase, the chief executive officer now owns 675,609 shares in the company, valued at approximately $3,580,727.70. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 8.24% of the company’s stock.
Several hedge funds and other institutional investors have 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 1st quarter. Northern Trust Corp now owns 681,150 shares of the construction company’s stock valued at $3,133,000 after buying an additional 11,074 shares during the period. Putnam Investments LLC raised its holdings in Great Lakes Dredge & Dock by 4.1% in the 2nd quarter. Putnam Investments LLC now owns 337,571 shares of the construction company’s stock worth $1,772,000 after purchasing an additional 13,200 shares during the period. Picton Mahoney Asset Management raised its holdings in Great Lakes Dredge & Dock by 8.8% in the 2nd quarter. Picton Mahoney Asset Management now owns 175,000 shares of the construction company’s stock worth $919,000 after purchasing an additional 14,211 shares during the period. JPMorgan Chase & Co. raised its holdings in Great Lakes Dredge & Dock by 129.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock worth $165,000 after purchasing an additional 15,005 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its holdings in Great Lakes Dredge & Dock by 135.6% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 26,679 shares of the construction company’s stock worth $140,000 after purchasing an additional 15,353 shares during the period. 72.30% of the stock is currently owned by hedge funds and other institutional investors.
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: BharataPress
