Great Lakes Dredge & Dock (NASDAQ:GLDD) Hits New 12-Month High – Here’s Why

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $16.93 and last traded at $16.9360, with a volume of 414302 shares changing hands. The stock had previously closed at $16.14.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GLDD. Zacks Research lowered shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. Texas Capital lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. assumed coverage on Great Lakes Dredge & Dock in a research note on Thursday, January 22nd. They issued an “overweight” rating and a $20.00 price target for the company. Finally, CJS Securities upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Great Lakes Dredge & Dock has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Great Lakes Dredge & Dock Price Performance

The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. The company’s fifty day moving average is $14.27 and its two-hundred day moving average is $12.65. The company has a quick ratio of 1.06, a current ratio of 1.20 and a debt-to-equity ratio of 0.83.

Insider Buying and Selling

In other Great Lakes Dredge & Dock news, SVP David Johanson sold 2,100 shares of the company’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 sale, the senior vice president owned 91,963 shares in the company, valued at $1,283,803.48. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Great Lakes Dredge & Dock

Large investors have recently made changes to their positions in the company. Millennium Management LLC grew its stake in shares of Great Lakes Dredge & Dock by 228.7% in the third quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock worth $13,742,000 after purchasing an additional 797,411 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Great Lakes Dredge & Dock by 680.1% in the 2nd 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 lifted its position in Great Lakes Dredge & Dock by 404.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock valued at $6,000,000 after acquiring an additional 394,543 shares in the last quarter. Simcoe Capital LLC bought a new stake in Great Lakes Dredge & Dock during the fourth quarter worth $4,955,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Great Lakes Dredge & Dock by 120.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 634,720 shares of the construction company’s stock valued at $8,328,000 after purchasing an additional 347,334 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

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.