Great Lakes Dredge & Dock (NASDAQ:GLDD) Downgraded to “Hold” Rating by Wall Street Zen

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other equities analysts have also weighed in on GLDD. Zacks Research lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. initiated coverage on Great Lakes Dredge & Dock in a research report on Thursday. They set an “overweight” rating and a $20.00 target price on the stock. Finally, Weiss Ratings raised shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Great Lakes Dredge & Dock currently has an average rating of “Buy” and an average target price of $20.00.

Great Lakes Dredge & Dock Stock Performance

GLDD opened at $15.41 on Friday. The firm has a fifty day moving average price of $13.38 and a 200 day moving average price of $12.23. Great Lakes Dredge & Dock has a 1 year low of $7.51 and a 1 year high of $16.72. The stock has a market cap of $1.05 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.16 and a beta of 1.40. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.20 and a quick ratio of 1.06.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The company had revenue of $195.21 million during the quarter, compared to analysts’ expectations of $201.30 million. Great Lakes Dredge & Dock had a net margin of 9.65% and a return on equity of 16.84%. Equities research analysts anticipate that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current year.

Insider Activity

In related news, SVP David Johanson sold 2,100 shares of the 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 completion of the sale, the senior vice president owned 91,963 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLDD. MAI Capital Management increased its stake in shares of Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after acquiring an additional 955 shares during the last quarter. State of Wyoming boosted its position in shares of Great Lakes Dredge & Dock by 3.3% during the 3rd quarter. State of Wyoming now owns 36,148 shares of the construction company’s stock valued at $433,000 after acquiring an additional 1,142 shares during the last quarter. AE Wealth Management LLC grew its holdings in shares of Great Lakes Dredge & Dock by 8.1% in the third quarter. AE Wealth Management LLC now owns 19,175 shares of the construction company’s stock valued at $230,000 after purchasing an additional 1,443 shares during the period. Farther Finance Advisors LLC increased its position in Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after purchasing an additional 1,474 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in Great Lakes Dredge & Dock by 0.8% during the third quarter. Raymond James Financial Inc. now owns 188,570 shares of the construction company’s stock worth $2,261,000 after purchasing an additional 1,476 shares during the period. Institutional investors and hedge funds own 89.11% of the company’s stock.

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.