Great Lakes Dredge & Dock (NASDAQ:GLDD) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a sell rating in a report published on Saturday morning, BidAskClub reports.

A number of other research firms have also commented on GLDD. Noble Financial reiterated a buy rating and set a $13.80 price objective on shares of Great Lakes Dredge & Dock in a research note on Sunday, October 6th. Zacks Investment Research lowered shares of Great Lakes Dredge & Dock from a buy rating to a hold rating and set a $12.00 price objective on the stock. in a research note on Thursday, October 31st. Finally, ValuEngine upgraded shares of Great Lakes Dredge & Dock from a sell rating to a hold rating in a research note on Friday, November 1st.

Shares of GLDD stock traded down $0.18 during trading hours on Friday, hitting $9.49. 519,100 shares of the company were exchanged, compared to its average volume of 521,305. The business’s 50-day simple moving average is $10.42 and its two-hundred day simple moving average is $10.59. The stock has a market capitalization of $638.90 million, a price-to-earnings ratio of 26.36 and a beta of 0.51. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.18 and a current ratio of 1.31. Great Lakes Dredge & Dock has a one year low of $6.09 and a one year high of $11.81.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, November 5th. The construction company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.02. Great Lakes Dredge & Dock had a return on equity of 21.15% and a net margin of 3.56%. The company had revenue of $169.80 million for the quarter, compared to analysts’ expectations of $178.50 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was down 5.0% compared to the same quarter last year. As a group, analysts anticipate that Great Lakes Dredge & Dock will post 0.74 EPS for the current fiscal year.

In related news, SVP Kathleen Mackie Lavoy sold 3,383 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $11.00, for a total transaction of $37,213.00. Following the transaction, the senior vice president now owns 104,149 shares in the company, valued at $1,145,639. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David E. Simonelli sold 3,809 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $10.90, for a total transaction of $41,518.10. Following the transaction, the insider now owns 322,048 shares in the company, valued at approximately $3,510,323.20. The disclosure for this sale can be found here. Insiders have sold 30,261 shares of company stock worth $313,384 in the last quarter. Company insiders own 4.66% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. D. E. Shaw & Co. Inc. grew its position in Great Lakes Dredge & Dock by 23.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,489,049 shares of the construction company’s stock worth $16,439,000 after buying an additional 279,745 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Great Lakes Dredge & Dock by 13.0% in the second quarter. UBS Asset Management Americas Inc. now owns 49,924 shares of the construction company’s stock worth $551,000 after buying an additional 5,759 shares during the last quarter. Alambic Investment Management L.P. grew its position in Great Lakes Dredge & Dock by 306.0% in the second quarter. Alambic Investment Management L.P. now owns 171,647 shares of the construction company’s stock worth $1,895,000 after buying an additional 129,371 shares during the last quarter. Aperio Group LLC acquired a new position in Great Lakes Dredge & Dock in the second quarter worth approximately $187,000. Finally, WINTON GROUP Ltd acquired a new position in Great Lakes Dredge & Dock in the second quarter worth approximately $908,000. Hedge funds and other institutional investors own 87.05% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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.

Read More: Capital Gains Distribution

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