Posted on November 15, 2018
Great Lakes Dredge & Dock (NASDAQ:GLDD) announced its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.15, MarketWatch Earnings reports. Great Lakes Dredge & Dock had a negative net margin of 1.07% and a negative return on equity of 0.73%. The business had revenue of $204.32 million for the quarter, compared to the consensus estimate of $199.25 million. During the same quarter last year, the company posted ($0.08) earnings per share. Great Lakes Dredge & Dock’s quarterly revenue was up 25.1% on a year-over-year basis.
Shares of GLDD stock opened at $7.02 on Wednesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.56 and a quick ratio of 1.33. The stock has a market capitalization of $467.97 million, a P/E ratio of -26.00 and a beta of 0.62. Great Lakes Dredge & Dock has a 12 month low of $4.15 and a 12 month high of $7.72.
A number of hedge funds have recently made changes to their positions in GLDD. Northern Trust Corp grew its position 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 worth $3,133,000 after buying an additional 11,074 shares during the period. Essex Investment Management Co. LLC acquired a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter valued at approximately $329,000. Foundry Partners LLC grew its position in shares of Great Lakes Dredge & Dock by 23.1% in the 2nd quarter. Foundry Partners LLC now owns 685,950 shares of the construction company’s stock valued at $3,601,000 after purchasing an additional 128,575 shares during the period. Picton Mahoney Asset Management grew its position in shares of 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 valued at $919,000 after purchasing an additional 14,211 shares during the period. Finally, TCW Group Inc. grew its position in shares of Great Lakes Dredge & Dock by 25.8% in the 2nd quarter. TCW Group Inc. now owns 556,243 shares of the construction company’s stock valued at $2,920,000 after purchasing an additional 114,100 shares during the period. Hedge funds and other institutional investors own 72.73% of the company’s stock.
A number of equities research analysts have weighed in on the stock. BidaskClub downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. TheStreet upgraded shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research note on Monday, September 10th. Noble Financial set a $8.00 price target on shares of Great Lakes Dredge & Dock and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Zacks Investment Research cut Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, ValuEngine raised Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 19th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company’s stock. Great Lakes Dredge & Dock presently has an average rating of “Buy” and a consensus target price of $7.88.
Great Lakes Dredge & Dock Company Profile
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: Marea Informative
