Allspring Global Investments Holdings LLC Acquires 246,007 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Allspring Global Investments Holdings LLC raised its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 99.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 494,033 shares of the construction company’s stock after buying an additional 246,007 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Great Lakes Dredge & Dock were worth $5,884,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLDD. Royal Bank of Canada increased its stake in shares of Great Lakes Dredge & Dock by 9.9% in the 1st quarter. Royal Bank of Canada now owns 35,035 shares of the construction company’s stock valued at $305,000 after acquiring an additional 3,169 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Great Lakes Dredge & Dock during the first quarter worth $304,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Great Lakes Dredge & Dock by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,190 shares of the construction company’s stock worth $341,000 after purchasing an additional 1,653 shares during the period. Teza Capital Management LLC bought a new stake in Great Lakes Dredge & Dock in the first quarter valued at $111,000. Finally, Empowered Funds LLC acquired a new position in shares of Great Lakes Dredge & Dock during the first quarter valued at about $1,726,000. 89.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLDD. CJS Securities raised shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, October 8th. Finally, Zacks Research raised Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy”.

Insider Activity at Great Lakes Dredge & Dock

In other news, SVP David Johanson sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $13.96, for a total value of $29,316.00. Following the transaction, the senior vice president owned 91,963 shares in the company, valued at $1,283,803.48. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Great Lakes Dredge & Dock Stock Down 2.0%

Shares of NASDAQ GLDD opened at $13.40 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.20 and a quick ratio of 1.06. The company has a 50-day moving average price of $12.82 and a 200-day moving average price of $12.02. The stock has a market capitalization of $911.20 million, a P/E ratio of 11.36, a P/E/G ratio of 1.05 and a beta of 1.40. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $14.02.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 9.65% and a return on equity of 16.84%. The company had revenue of $195.21 million for the quarter, compared to analyst estimates of $201.30 million. On average, equities research analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.