Great Lakes Dredge & Dock (NASDAQ:GLDD) Trading Up 7.2% Following Strong Earnings

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) shares traded up 7.2% during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $12.47 and last traded at $12.1960. 158,018 shares changed hands during trading, a decline of 66% from the average session volume of 467,241 shares. The stock had previously closed at $11.38.

The construction company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GLDD. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, October 8th. Zacks Research lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new position in Great Lakes Dredge & Dock in the third quarter worth about $46,000. Federated Hermes Inc. raised its holdings in shares of Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock valued at $61,000 after buying an additional 1,505 shares during the last quarter. Strs Ohio bought a new stake in Great Lakes Dredge & Dock during the first quarter worth approximately $45,000. Quarry LP raised its holdings in Great Lakes Dredge & Dock by 213.7% during the first quarter. Quarry LP now owns 5,503 shares of the construction company’s stock worth $48,000 after purchasing an additional 3,749 shares in the last quarter. Finally, CWM LLC raised its holdings in Great Lakes Dredge & Dock by 125.0% during the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock worth $84,000 after purchasing an additional 3,886 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

The stock has a market cap of $825.94 million, a P/E ratio of 11.59, a PEG ratio of 0.94 and a beta of 1.37. The company has a fifty day moving average of $11.66 and a 200 day moving average of $11.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.