Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 12-Month High on Strong Earnings

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $12.93 and last traded at $12.77, with a volume of 1119935 shares traded. The stock had previously closed at $11.38.

The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%.The company had revenue of $195.21 million during the quarter, compared to the consensus estimate of $201.30 million.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GLDD shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, October 8th. Zacks Research lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Great Lakes Dredge & Dock has a consensus rating of “Hold”.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently made changes to their positions in GLDD. Essex Investment Management Co. LLC raised its stake in shares of Great Lakes Dredge & Dock by 3.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 308,809 shares of the construction company’s stock valued at $3,703,000 after purchasing an additional 10,127 shares in the last quarter. Alps Advisors Inc. bought a new stake in Great Lakes Dredge & Dock in the third quarter valued at about $453,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Great Lakes Dredge & Dock by 28.7% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 59,260 shares of the construction company’s stock valued at $711,000 after buying an additional 13,211 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Great Lakes Dredge & Dock during the third quarter valued at approximately $132,000. Finally, State of Wyoming lifted its holdings in Great Lakes Dredge & Dock by 3.3% during the 3rd quarter. State of Wyoming now owns 36,148 shares of the construction company’s stock worth $433,000 after buying an additional 1,142 shares during the last quarter. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Stock Performance

The company has a market capitalization of $828.86 million, a P/E ratio of 11.61, a P/E/G ratio of 0.94 and a beta of 1.40. The stock’s 50-day moving average price is $11.70 and its 200-day moving average price is $11.33. The company has a current ratio of 1.15, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.