Posted on December 6, 2016
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) posted its quarterly earnings data on Wednesday. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.05. Great Lakes Dredge & Dock Corp. had a negative net margin of 0.79% and a negative return on equity of 2.50%. The company earned $198.90 million during the quarter, compared to analyst estimates of $201.35 million. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) opened at 3.20 on Thursday. Great Lakes Dredge & Dock Corp. has a one year low of $2.96 and a one year high of $5.09. The stock has a 50 day moving average price of $3.59 and a 200-day moving average price of $4.16. The firm’s market cap is $194.39 million.
GLDD has been the topic of a number of research reports. Imperial Capital downgraded Great Lakes Dredge & Dock Corp. from an “outperform” rating to an “in-line” rating and dropped their target price for the company from $5.50 to $4.00 in a report on Monday, August 8th. DA Davidson dropped their target price on Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a “neutral” rating on the stock in a report on Friday, August 5th. Finally, Zacks Investment Research downgraded Great Lakes Dredge & Dock Corp. from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $4.50.
In other news, Director Robert B. Uhler acquired 35,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was purchased at an average cost of $4.02 per share, for a total transaction of $140,700.00. Following the completion of the transaction, the director now directly owns 46,116 shares in the company, valued at $185,386.32. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.75% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Kennedy Capital Management Inc. raised its stake in shares of Great Lakes Dredge & Dock Corp. by 48.1% in the first quarter. Kennedy Capital Management Inc. now owns 603,230 shares of the company’s stock worth $2,690,000 after buying an additional 195,896 shares during the last quarter. Chelsea Counsel Co. raised its stake in shares of Great Lakes Dredge & Dock Corp. by 8.6% in the first quarter. Chelsea Counsel Co. now owns 106,416 shares of the company’s stock worth $475,000 after buying an additional 8,444 shares during the last quarter. Selz Capital LLC purchased a new stake in shares of Great Lakes Dredge & Dock Corp. during the second quarter worth approximately $218,000. Bank of New York Mellon Corp raised its stake in shares of Great Lakes Dredge & Dock Corp. by 9.2% in the second quarter. Bank of New York Mellon Corp now owns 624,720 shares of the company’s stock worth $2,724,000 after buying an additional 52,392 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Great Lakes Dredge & Dock Corp. during the second quarter worth approximately $6,600,000. Hedge funds and other institutional investors own 80.71% of the company’s stock.
Source: DailyQuint
