Posted on December 20, 2018
Laurel Wealth Advisors Inc. purchased a new position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 57,499 shares of the construction company’s stock, valued at approximately $356,000. Laurel Wealth Advisors Inc. owned about 0.09% of Great Lakes Dredge & Dock at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in GLDD. Metropolitan Life Insurance Co. NY increased its stake in 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 during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Great Lakes Dredge & Dock by 129.5% during the third quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock valued at $165,000 after acquiring an additional 15,005 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of Great Lakes Dredge & Dock during the second quarter valued at $216,000. MetLife Investment Advisors LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 42.3% during the third quarter. MetLife Investment Advisors LLC now owns 39,535 shares of the construction company’s stock valued at $245,000 after acquiring an additional 11,760 shares during the period. Finally, Citadel Advisors LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 170.7% during the third quarter. Citadel Advisors LLC now owns 64,100 shares of the construction company’s stock valued at $397,000 after acquiring an additional 40,421 shares during the period. Hedge funds and other institutional investors own 76.14% of the company’s stock.
In related news, Director Ryan Levenson sold 125,000 shares of the company’s stock in a transaction dated Thursday, December 13th. The shares were sold at an average price of $7.53, for a total value of $941,250.00. Following the completion of the sale, the director now owns 35,816 shares of the company’s stock, valued at $269,694.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.13% of the company’s stock.
GLDD stock opened at $6.98 on Wednesday. Great Lakes Dredge & Dock Co. has a fifty-two week low of $4.15 and a fifty-two week high of $7.94. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.33 and a current ratio of 1.56.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.15. The business had revenue of $204.32 million during the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative net margin of 1.07% and a negative return on equity of 0.73%. The company’s quarterly revenue was up 25.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, research analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.11 EPS for the current fiscal year.
Several equities analysts have recently issued reports on the stock. BidaskClub raised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 21st. Zacks Investment Research raised shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $7.75 price target for the company in a report on Wednesday, November 7th. ValuEngine raised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Noble Financial set a $8.00 price objective on shares of Great Lakes Dredge & Dock and gave the stock a “buy” rating in a report on Thursday, September 27th. Finally, TheStreet raised shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. One equities research analyst has rated the stock with a hold rating, one has assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $7.88.
Great Lakes Dredge & Dock 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: Modern Readers
