Great Lakes Dredge & Dock Corp. (GLDD) Stock Rating Upgraded by Zacks Investment Research
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Monday.
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 a number of other research reports. DA Davidson decreased their price objective on Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a “neutral” rating on the stock in a research note on Friday, August 5th. Imperial Capital lowered Great Lakes Dredge & Dock Corp. from an “outperform” rating to an “in-line” rating and decreased their price target for the stock from $5.50 to $4.00 in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $4.50.
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Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) traded up 4.32% during trading on Monday, reaching $3.62. 276,043 shares of the company’s stock were exchanged. The stock’s market capitalization is $219.90 million. The stock has a 50-day moving average of $3.71 and a 200-day moving average of $4.24. Great Lakes Dredge & Dock Corp. has a 52 week low of $2.96 and a 52 week high of $5.88.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $192.19 million for the quarter, compared to analyst estimates of $222.13 million. Great Lakes Dredge & Dock Corp. had a negative net margin of 0.79% and a negative return on equity of 2.50%. The firm’s revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. On average, equities research analysts anticipate that Great Lakes Dredge & Dock Corp. will post ($0.02) EPS for the current year.
In related news, Director Robert B. Uhler bought 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were acquired at an average cost of $4.02 per share, for a total transaction of $140,700.00. Following the acquisition, the director now owns 46,116 shares in the company, valued at approximately $185,386.32. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 3.75% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Great Lakes Dredge & Dock Corp. by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 5,139,027 shares of the company’s stock valued at $22,406,000 after buying an additional 99,427 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Great Lakes Dredge & Dock Corp. during the second quarter valued at approximately $643,000. Ameriprise Financial Inc. increased its stake in shares of Great Lakes Dredge & Dock Corp. by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 542,456 shares of the company’s stock valued at $2,365,000 after buying an additional 1,477 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Great Lakes Dredge & Dock Corp. by 20.3% in the second quarter. GSA Capital Partners LLP now owns 87,596 shares of the company’s stock valued at $382,000 after buying an additional 14,800 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Great Lakes Dredge & Dock Corp. by 19.9% in the second quarter. California Public Employees Retirement System now owns 389,700 shares of the company’s stock valued at $1,699,000 after buying an additional 64,600 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.
About Great Lakes Dredge & Dock Corp.
Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors in the United States.
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