Great Lakes Dredge & Dock (NASDAQ:GLDD) Share Price Passes Above 200-Day Moving Average – Here’s Why

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $11.08 and traded as high as $11.13. Great Lakes Dredge & Dock shares last traded at $11.03, with a volume of 288,982 shares changing hands.

Analysts Set New Price Targets

GLDD has been the subject of several recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, October 8th. Zacks Research lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold”.

Great Lakes Dredge & Dock Stock Up 2.3%

The company has a market capitalization of $749.98 million, a PE ratio of 10.50, a price-to-earnings-growth ratio of 0.88 and a beta of 1.37. 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 firm has a 50-day moving average of $11.73 and a two-hundred day moving average of $11.08.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, August 5th. The construction company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.08 by $0.06. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%.The business had revenue of $193.76 million during the quarter, compared to analyst estimates of $177.70 million. Equities research analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GLDD. Strs Ohio purchased a new position in shares of Great Lakes Dredge & Dock during the first quarter worth $45,000. Quarry LP boosted its holdings in Great Lakes Dredge & Dock by 213.7% in the first 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 period. Federated Hermes Inc. boosted its holdings in Great Lakes Dredge & Dock by 43.5% in the second 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 during the period. CWM LLC boosted its holdings in Great Lakes Dredge & Dock by 125.0% in the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock valued at $84,000 after purchasing an additional 3,886 shares during the period. Finally, AlphaQuest LLC boosted its holdings in Great Lakes Dredge & Dock by 330.4% in the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company’s stock valued at $110,000 after purchasing an additional 9,671 shares during the period. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

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.