Posted on April 28, 2019
Millennium Management LLC acquired a new stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 339,046 shares of the construction company’s stock, valued at approximately $2,244,000. Millennium Management LLC owned approximately 0.54% of Great Lakes Dredge & Dock at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of GLDD. BlackRock Inc. grew its stake in Great Lakes Dredge & Dock by 0.7% during the 3rd quarter. BlackRock Inc. now owns 3,976,629 shares of the construction company’s stock worth $24,655,000 after purchasing an additional 26,259 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Great Lakes Dredge & Dock by 129.5% during 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 in the last quarter. Bank of New York Mellon Corp grew its stake in Great Lakes Dredge & Dock by 4.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 662,831 shares of the construction company’s stock worth $4,109,000 after purchasing an additional 30,425 shares in the last quarter. Virtu Financial LLC acquired a new position in Great Lakes Dredge & Dock during the 4th quarter worth $229,000. Finally, Vanguard Group Inc grew its stake in Great Lakes Dredge & Dock by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 2,899,946 shares of the construction company’s stock worth $17,978,000 after purchasing an additional 39,315 shares in the last quarter. 76.72% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently commented on the company. BidaskClub cut Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 25th. ValuEngine cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Great Lakes Dredge & Dock has a consensus rating of “Buy” and a consensus price target of $7.88.
GLDD opened at $9.69 on Wednesday. Great Lakes Dredge & Dock Co. has a 12 month low of $4.40 and a 12 month high of $9.79. The firm has a market cap of $612.24 million, a P/E ratio of 26.92 and a beta of 0.67. The company has a quick ratio of 1.09, a current ratio of 1.27 and a debt-to-equity ratio of 1.50.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Wednesday, February 20th. The construction company reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.13. The company had revenue of $173.20 million during the quarter, compared to the consensus estimate of $187.55 million. Great Lakes Dredge & Dock had a positive return on equity of 6.99% and a negative net margin of 0.93%. Great Lakes Dredge & Dock’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.14) EPS. As a group, research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.46 EPS for the current fiscal year.
In other Great Lakes Dredge & Dock news, insider David E. Simonelli sold 11,991 shares of Great Lakes Dredge & Dock stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $8.60, for a total transaction of $103,122.60. Following the completion of the sale, the insider now directly owns 271,944 shares of the company’s stock, valued at approximately $2,338,718.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David E. Simonelli sold 22,500 shares of Great Lakes Dredge & Dock stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $8.19, for a total value of $184,275.00. Following the sale, the insider now directly owns 324,621 shares of the company’s stock, valued at $2,658,645.99. The disclosure for this sale can be found here. Insiders have sold a total of 1,444,957 shares of company stock valued at $12,150,187 over the last ninety days. 4.66% of the stock is owned by company insiders.
Great Lakes Dredge & Dock Company 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.
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Source: fidaily.com
