Zacks Investment Research upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday. The firm currently has $7.75 price objective on the construction company’s stock.
According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
GLDD has been the topic of several other research reports. BidaskClub upgraded Great Lakes Dredge & Dock from a sell rating to a hold rating in a report on Saturday, September 8th. ValuEngine lowered Great Lakes Dredge & Dock from a strong-buy rating to a buy rating in a report on Tuesday, September 18th. Noble Financial set a $8.00 target price on Great Lakes Dredge & Dock and gave the stock a buy rating in a report on Thursday, September 27th. Finally, TheStreet upgraded Great Lakes Dredge & Dock from a d+ rating to a c- rating in a report on Monday, September 10th. 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 company’s stock. The company currently has an average rating of Buy and a consensus price target of $7.88.
GLDD traded down $0.01 on Wednesday, hitting $7.25. 597,715 shares of the company were exchanged, compared to its average volume of 191,716. Great Lakes Dredge & Dock has a 12 month low of $4.15 and a 12 month high of $7.31. The firm has a market capitalization of $447.35 million, a PE ratio of -26.85 and a beta of 0.62. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.54 and a current ratio of 1.56.
Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, November 6th. The construction company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.15. Great Lakes Dredge & Dock had a negative return on equity of 0.73% and a negative net margin of 1.07%. The business had revenue of $204.32 million for the quarter, compared to analyst estimates of $199.25 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Great Lakes Dredge & Dock’s revenue was up 25.1% on a year-over-year basis. On average, research analysts forecast that Great Lakes Dredge & Dock will post 0.27 earnings per share for the current year.
In other Great Lakes Dredge & Dock news, CEO Lasse Petterson acquired 50,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were purchased at an average price of $5.30 per share, for a total transaction of $265,000.00. Following the completion of the purchase, the chief executive officer now directly owns 675,609 shares of the company’s stock, valued at $3,580,727.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. 8.24% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Putnam Investments LLC raised its stake in Great Lakes Dredge & Dock by 4.1% in the second quarter. Putnam Investments LLC now owns 337,571 shares of the construction company’s stock valued at $1,772,000 after buying an additional 13,200 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Great Lakes Dredge & Dock by 12.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 312,890 shares of the construction company’s stock valued at $1,643,000 after buying an additional 34,120 shares during the period. HighPoint Advisor Group LLC bought a new stake in Great Lakes Dredge & Dock in the second quarter valued at approximately $216,000. TCW Group Inc. raised its stake in Great Lakes Dredge & Dock by 45.3% in the third quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after buying an additional 251,752 shares during the period. Finally, BlackRock Inc. raised its stake in Great Lakes Dredge & Dock by 5.5% in the second quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock valued at $20,739,000 after buying an additional 205,172 shares during the period. Hedge funds and other institutional investors own 72.30% of the company’s stock.
Great Lakes Dredge & Dock Company 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.
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