Posted on July 2, 2019
Martingale Asset Management L P bought a new position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 114,016 shares of the construction company’s stock, valued at approximately $1,017,000. Martingale Asset Management L P owned 0.18% of Great Lakes Dredge & Dock as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 1.2% during the 4th quarter. Jennison Associates LLC now owns 4,980,107 shares of the construction company’s stock valued at $32,968,000 after purchasing an additional 60,315 shares during the last quarter. BlackRock Inc. increased its position in shares of Great Lakes Dredge & Dock by 7.6% in the 4th quarter. BlackRock Inc. now owns 4,280,035 shares of the construction company’s stock valued at $28,333,000 after acquiring an additional 303,406 shares during the period. Vanguard Group Inc. increased its position in shares of Great Lakes Dredge & Dock by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,899,946 shares of the construction company’s stock valued at $17,978,000 after acquiring an additional 39,315 shares during the period. Boston Partners increased its position in shares of Great Lakes Dredge & Dock by 12.7% in the 4th quarter. Boston Partners now owns 1,828,200 shares of the construction company’s stock valued at $12,103,000 after acquiring an additional 205,670 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Great Lakes Dredge & Dock by 11.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 961,269 shares of the construction company’s stock valued at $6,364,000 after acquiring an additional 94,998 shares during the period. Institutional investors own 81.82% of the company’s stock.
Several equities research analysts have weighed in on GLDD shares. BidaskClub downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 6th. Zacks Investment Research downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating and set a $11.00 price target on the stock. in a research report on Wednesday, May 1st. Finally, Noble Financial reaffirmed a “buy” rating and set a $12.10 price target on shares of Great Lakes Dredge & Dock in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $11.55.
GLDD traded up $0.03 during midday trading on Thursday, hitting $10.84. 549,300 shares of the company were exchanged, compared to its average volume of 521,859. The business has a 50 day moving average of $10.69. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 1.58. Great Lakes Dredge & Dock Co. has a 1-year low of $4.85 and a 1-year high of $11.45. The stock has a market cap of $688.83 million, a price-to-earnings ratio of 30.11 and a beta of 0.67.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, April 30th. The construction company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.25. The business had revenue of $192.60 million for the quarter, compared to analyst estimates of $180.20 million. Great Lakes Dredge & Dock had a net margin of 2.80% and a return on equity of 18.05%. The company’s revenue for the quarter was up 44.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) EPS. On average, research analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.68 EPS for the current fiscal year.
In other Great Lakes Dredge & Dock news, SVP Kathleen Mackie Lavoy sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.81, for a total value of $270,250.00. Following the transaction, the senior vice president now directly owns 100,084 shares of the company’s stock, valued at approximately $1,081,908.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David E. Simonelli sold 21,154 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.81, for a total transaction of $228,674.74. Following the completion of the transaction, the insider now directly owns 339,393 shares in the company, valued at $3,668,838.33. The disclosure for this sale can be found here. Insiders sold a total of 1,039,777 shares of company stock worth $11,357,977 over the last ninety days. 4.66% of the stock is currently owned by corporate insiders.
Great Lakes Dredge & Dock Profile
Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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: sundanceherald.com
