Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 12-Month High – Here’s What Happened

Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) hit a new 52-week high on Thursday . The stock traded as high as $12.89 and last traded at $12.87, with a volume of 69148 shares trading hands. The stock had previously closed at $12.71.

Wall Street Analyst Weigh In

GLDD has been the topic of several analyst reports. Noble Financial lifted their price target on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com lowered Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th.

Great Lakes Dredge & Dock Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. The business’s 50-day moving average price is $11.98 and its two-hundred day moving average price is $10.16. The firm has a market cap of $840.20 million, a price-to-earnings ratio of 14.36, a P/E/G ratio of 0.47 and a beta of 1.15.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). The company had revenue of $191.17 million for the quarter, compared to the consensus estimate of $180.80 million. Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. During the same quarter last year, the company earned ($0.09) earnings per share. On average, research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.76 EPS for the current fiscal year.

Insider Buying and Selling

In other Great Lakes Dredge & Dock news, Director Kathleen M. Shanahan sold 23,238 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $12.63, for a total transaction of $293,495.94. Following the completion of the sale, the director now owns 67,675 shares in the company, valued at $854,735.25. The trade was a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Great Lakes Dredge & Dock by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock valued at $29,870,000 after purchasing an additional 48,760 shares during the period. CWM LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 520.5% during the second quarter. CWM LLC now owns 5,051 shares of the construction company’s stock valued at $44,000 after acquiring an additional 4,237 shares during the period. ARS Investment Partners LLC grew its position in shares of Great Lakes Dredge & Dock by 11.0% during the second quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after acquiring an additional 1,200 shares during the last quarter. TCW Group Inc. increased its holdings in shares of Great Lakes Dredge & Dock by 2.0% in the 2nd quarter. TCW Group Inc. now owns 1,996,138 shares of the construction company’s stock worth $17,526,000 after acquiring an additional 38,200 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Great Lakes Dredge & Dock by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 254,686 shares of the construction company’s stock valued at $2,236,000 after purchasing an additional 20,781 shares during the last quarter. 89.11% of the stock is owned by institutional investors and hedge funds.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages 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.