Posted on September 11, 2023
Minerva Advisors LLC has raised its stake in Great Lakes Dredge & Dock Co. by 2.8% in the first quarter, according to a recent disclosure with the Securities and Exchange Commission. The fund now owns 1,208,298 shares of the construction company’s stock, making it the 7th largest holding in Minerva Advisors’ investment portfolio. The stake is valued at $6,537,000.
Other institutional investors and hedge funds have also made changes to their holdings in Great Lakes Dredge & Dock. UBS Group AG increased its stake in the company by 92.3% in the third quarter, owning 3,691 shares valued at $28,000. Lazard Asset Management LLC acquired a new position in the first quarter, valued at $56,000. Tower Research Capital LLC TRC grew its stake by 229.7% in the third quarter, now owning 7,193 shares valued at $54,000. FNY Investment Advisers LLC also acquired a new position in the first quarter, worth $54,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in the third quarter, valued at $77,000. In total, institutional investors own 82.36% of Great Lakes Dredge & Dock’s stock.
Great Lakes Dredge & Dock’s stock performance has been positive, with TheStreet upgrading it from a “d+” rating to a “c-” rating. StockNews.com also raised its rating from “sell” to “hold.”
As of Friday, Great Lakes Dredge & Dock’s stock was trading at $7.86 on NASDAQ:GLDD. The company’s one-year low is $4.74, and its one-year high is $9.90. The stock has a fifty-day moving average of $8.43 and a two-hundred-day moving average of $6.95.
In its most recent quarterly earnings report, released on August 1st, Great Lakes Dredge & Dock reported earnings per share of $0.03, beating the consensus estimate of ($0.07) by $0.10. The company had revenue of $132.67 million for the quarter, slightly lower than analyst estimates of $150.00 million. Great Lakes Dredge & Dock’s return on equity was negative at 9.65%, and the net margin was negative at 7.15%. Analysts are forecasting earnings per share of 0.08 for the current fiscal year.
Great Lakes Dredge & Dock Corporation provides dredging services in the United States, specializing in capital dredging for projects such as port expansion, coastal restoration, and land reclamations. The company also engages in trench digging for pipelines, tunnels, and cables, as well as other dredging related to the construction of marine structures.
