Posted on November 20, 2018
Quantum Capital Management reduced its holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 78.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,350 shares of the construction company’s stock after selling 217,571 shares during the quarter. Quantum Capital Management owned 0.10% of Great Lakes Dredge & Dock worth $380,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of GLDD. Metropolitan Life Insurance Co. NY increased its position in Great Lakes Dredge & Dock by 135.6% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 26,679 shares of the construction company’s stock valued at $140,000 after acquiring an additional 15,353 shares during the period. JPMorgan Chase & Co. increased its position in Great Lakes Dredge & Dock by 129.5% in the 3rd 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 stake in Great Lakes Dredge & Dock in the 2nd quarter valued at approximately $216,000. Essex Investment Management Co. LLC acquired a new stake in Great Lakes Dredge & Dock in the 2nd quarter valued at approximately $329,000. Finally, Hodges Capital Management Inc. acquired a new stake in Great Lakes Dredge & Dock in the 3rd quarter valued at approximately $429,000. Hedge funds and other institutional investors own 72.73% of the company’s stock.
Several analysts recently commented on GLDD shares. Noble Financial set a $8.00 target price on Great Lakes Dredge & Dock and gave the company a “buy” rating in a research report on Thursday, August 2nd. BidaskClub upgraded Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a research report on Saturday, September 8th. TheStreet upgraded Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research report on Monday, September 10th. Zacks Investment Research lowered Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Finally, ValuEngine lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 18th. Two equities research 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 stock. The stock presently has a consensus rating of “Buy” and an average target price of $7.88.
Shares of NASDAQ GLDD opened at $7.06 on Friday. The firm has a market cap of $438.61 million, a price-to-earnings ratio of -26.15 and a beta of 0.62. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.56 and a quick ratio of 1.33. Great Lakes Dredge & Dock Co. has a 1 year low of $4.15 and a 1 year high of $7.72.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.03 by $0.15. The business had revenue of $204.32 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Equities research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.11 earnings per share for the current year.
About Great Lakes Dredge & Dock
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: Press Oracle
