Posted on November 19, 2018
Russell Investments Group Ltd. increased its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 0.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,675,275 shares of the construction company’s stock after buying an additional 17,159 shares during the period. Russell Investments Group Ltd. owned 5.90% of Great Lakes Dredge & Dock worth $22,783,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Essex Investment Management Co. LLC boosted its position in Great Lakes Dredge & Dock by 419.7% during the third quarter. Essex Investment Management Co. LLC now owns 325,593 shares of the construction company’s stock worth $2,019,000 after purchasing an additional 262,946 shares during the period. BlackRock Inc. lifted its position in Great Lakes Dredge & Dock by 5.5% during the second quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock worth $20,739,000 after purchasing an additional 205,172 shares during the period. Foundry Partners LLC lifted its position in Great Lakes Dredge & Dock by 23.1% during the second quarter. Foundry Partners LLC now owns 685,950 shares of the construction company’s stock worth $3,601,000 after purchasing an additional 128,575 shares during the period. TCW Group Inc. lifted its position in Great Lakes Dredge & Dock by 25.8% during the second quarter. TCW Group Inc. now owns 556,243 shares of the construction company’s stock worth $2,920,000 after purchasing an additional 114,100 shares during the period. Finally, Jennison Associates LLC lifted its position in Great Lakes Dredge & Dock by 1.5% during the second quarter. Jennison Associates LLC now owns 4,968,171 shares of the construction company’s stock worth $26,083,000 after purchasing an additional 75,122 shares during the period. Institutional investors and hedge funds own 72.73% of the company’s stock.
Several research analysts have commented on GLDD shares. BidaskClub downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research note on Wednesday, August 22nd. ValuEngine raised Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 19th. Zacks Investment Research downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Noble Financial set a $8.00 target price on Great Lakes Dredge & Dock and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, TheStreet raised Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research note on Monday, September 10th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $7.88.
Great Lakes Dredge & Dock stock opened at $7.49 on Tuesday. Great Lakes Dredge & Dock Co. has a 1 year low of $4.15 and a 1 year high of $7.49. The company has a market capitalization of $452.98 million, a PE ratio of -27.74 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 (NASDAQ:GLDD) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.15. The business had revenue of $204.32 million for the quarter, compared to analysts’ expectations of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 0.73% and a negative net margin of 1.07%. The firm’s revenue was up 25.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) earnings per share. On average, sell-side analysts predict that Great Lakes Dredge & Dock Co. will post 0.27 EPS for the current fiscal year.
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: Marea
