Great Lakes Dredge & Dock Corporation $GLDD Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 12.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 888,739 shares of the construction company’s stock after acquiring an additional 99,463 shares during the period. JPMorgan Chase & Co. owned about 1.31% of Great Lakes Dredge & Dock worth $10,656,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Millennium Management LLC grew its position in shares of Great Lakes Dredge & Dock by 228.7% during the 3rd quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock valued at $13,742,000 after acquiring an additional 797,411 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Great Lakes Dredge & Dock by 680.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 841,140 shares of the construction company’s stock worth $10,253,000 after purchasing an additional 733,312 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in Great Lakes Dredge & Dock by 404.0% in the second quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock valued at $6,000,000 after purchasing an additional 394,543 shares during the period. Qube Research & Technologies Ltd grew its holdings in Great Lakes Dredge & Dock by 641.3% in the third quarter. Qube Research & Technologies Ltd now owns 381,365 shares of the construction company’s stock valued at $4,573,000 after purchasing an additional 329,922 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Great Lakes Dredge & Dock by 99.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 494,033 shares of the construction company’s stock valued at $5,884,000 after buying an additional 246,007 shares in the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock opened at $16.97 on Friday. The stock’s fifty day moving average is $16.36 and its two-hundred day moving average is $13.83. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01. The firm has a market capitalization of $1.13 billion, a P/E ratio of 15.86, a PEG ratio of 1.26 and a beta of 1.38. Great Lakes Dredge & Dock Corporation has a fifty-two week low of $7.51 and a fifty-two week high of $16.99.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.10. The business had revenue of $256.45 million during the quarter, compared to analyst estimates of $216.30 million. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. Research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Texas Capital lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. CJS Securities reissued a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. JPMorgan Chase & Co. cut shares of Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 price objective for the company. in a research report on Thursday. Noble Financial downgraded shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a report on Thursday, February 12th. Finally, Zacks Research upgraded shares of Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.00.

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.