Great Lakes Dredge & Dock Corp. (GLDD) Upgraded to Hold 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. “
A number of other analysts have also issued reports on GLDD. DA Davidson reduced their price target on shares of Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a “neutral” rating for the company in a research report on Friday, August 5th. Imperial Capital lowered shares of Great Lakes Dredge & Dock Corp. from an “outperform” rating to an “in-line” rating and cut their price objective for the company from $5.50 to $4.00 in a research report on Monday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $4.50.
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Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) traded up 4.32% during mid-day trading on Monday, reaching $3.62. 276,043 shares of the company traded hands. The stock has a 50 day moving average price of $3.71 and a 200-day moving average price of $4.24. Great Lakes Dredge & Dock Corp. has a 52-week low of $2.96 and a 52-week high of $5.88. The company’s market capitalization is $219.90 million.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by $0.04. The company earned $192.19 million during the quarter, compared to analysts’ expectations of $222.13 million. Great Lakes Dredge & Dock Corp. had a negative return on equity of 2.50% and a negative net margin of 0.79%. Great Lakes Dredge & Dock Corp.’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. Analysts expect that Great Lakes Dredge & Dock Corp. will post ($0.02) EPS for the current fiscal year.
In related news, Director Robert B. Uhler purchased 35,000 shares of the stock in a transaction on Tuesday, August 9th. The shares were bought at an average price of $4.02 per share, for a total transaction of $140,700.00. Following the completion of the acquisition, the director now directly owns 46,116 shares in the company, valued at approximately $185,386.32. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.75% of the company’s stock.
A number of institutional investors have recently made changes to their positions in GLDD. Dimensional Fund Advisors LP increased its position 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 period. Walthausen & Co. LLC increased its position in shares of Great Lakes Dredge & Dock Corp. by 10.3% in the second quarter. Walthausen & Co. LLC now owns 2,304,816 shares of the company’s stock valued at $10,049,000 after buying an additional 215,486 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Great Lakes Dredge & Dock Corp. during the second quarter valued at approximately $6,600,000. Bank of New York Mellon Corp increased its position in shares of Great Lakes Dredge & Dock Corp. by 9.2% in the second quarter. Bank of New York Mellon Corp now owns 624,720 shares of the company’s stock valued at $2,724,000 after buying an additional 52,392 shares during the period. Finally, Kennedy Capital Management Inc. increased its position in shares of Great Lakes Dredge & Dock Corp. by 48.1% in the first quarter. Kennedy Capital Management Inc. now owns 603,230 shares of the company’s stock valued at $2,690,000 after buying an additional 195,896 shares during the period. Institutional investors 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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