Great Lakes Dredge & Dock (NASDAQ:GLDD) Rating Increased to Strong-Buy at Zacks Research

Zacks 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 Monday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Great Lakes Dredge & Dock currently has a consensus rating of “Buy”.

Great Lakes Dredge & Dock Stock Performance

GLDD stock traded up $0.26 during midday trading on Monday, hitting $12.96. The company’s stock had a trading volume of 167,911 shares, compared to its average volume of 470,669. The stock’s 50-day moving average price is $11.75 and its 200 day moving average price is $11.44. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87. The stock has a market cap of $880.93 million, a price-to-earnings ratio of 12.36, a PEG ratio of 0.94 and a beta of 1.40. Great Lakes Dredge & Dock has a 1 year low of $7.51 and a 1 year high of $13.05.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. The business had revenue of $195.21 million during the quarter, compared to the consensus estimate of $201.30 million. On average, equities analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLDD. MAI Capital Management grew its stake in shares of Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after buying an additional 955 shares during the last quarter. Strs Ohio bought a new position in shares of Great Lakes Dredge & Dock during the first quarter valued at $45,000. State of Alaska Department of Revenue purchased a new position in shares of Great Lakes Dredge & Dock in the 3rd quarter worth about $46,000. Quarry LP grew its position in Great Lakes Dredge & Dock by 213.7% during the 1st quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after purchasing an additional 3,749 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in Great Lakes Dredge & Dock by 43.5% during the 2nd quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock valued at $61,000 after purchasing an additional 1,505 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

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.