Great Lakes Dredge & Dock Co. (GLDD) Sees Significant Decrease in Short Interest

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 492,329 shares, a decrease of 46.1% from the February 15th total of 913,113 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 1,361,026 shares, the short-interest ratio is currently 0.4 days.

Several equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 6th. ValuEngine downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Great Lakes Dredge & Dock has an average rating of “Buy” and a consensus target price of $7.88.

In other Great Lakes Dredge & Dock news, Director Ryan Levenson sold 175,409 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $8.28, for a total value of $1,452,386.52. Following the completion of the sale, the director now owns 35,816 shares of the company’s stock, valued at $296,556.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David E. Simonelli sold 11,991 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $8.60, for a total transaction of $103,122.60. Following the completion of the sale, the insider now directly owns 271,944 shares of the company’s stock, valued at approximately $2,338,718.40. The disclosure for this sale can be found here. Insiders sold 1,422,457 shares of company stock valued at $11,965,912 in the last ninety days. Insiders own 9.13% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in Great Lakes Dredge & Dock by 0.7% during the third quarter. BlackRock Inc. now owns 3,976,629 shares of the construction company’s stock worth $24,655,000 after purchasing an additional 26,259 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Great Lakes Dredge & Dock by 129.5% during the third quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock worth $165,000 after purchasing an additional 15,005 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Great Lakes Dredge & Dock by 4.8% during the third quarter. Bank of New York Mellon Corp now owns 662,831 shares of the construction company’s stock worth $4,109,000 after purchasing an additional 30,425 shares during the last quarter. Walthausen & Co. LLC acquired a new position in Great Lakes Dredge & Dock during the third quarter worth $14,678,000. Finally, Virtu Financial LLC acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth $229,000. Institutional investors and hedge funds own 78.19% of the company’s stock.

Shares of GLDD stock opened at $8.17 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.27 and a debt-to-equity ratio of 1.50. Great Lakes Dredge & Dock has a 12-month low of $4.25 and a 12-month high of $9.10. The firm has a market cap of $516.24 million, a PE ratio of 22.69 and a beta of 0.67.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings data on Wednesday, February 20th. The construction company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.13. Great Lakes Dredge & Dock had a negative net margin of 0.93% and a positive return on equity of 6.99%. The company had revenue of $173.20 million during the quarter, compared to the consensus estimate of $187.55 million. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, research analysts anticipate that Great Lakes Dredge & Dock will post 0.46 EPS for the current fiscal year.

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Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved in capital dredging that consists of port expansion projects, coastal restoration and land reclamations, trench digging for pipelines, tunnels and cables, and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.

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