Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 1-Year High on Analyst Upgrade

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) hit a new 52-week high during trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $16.99 and last traded at $16.99, with a volume of 3870 shares. The stock had previously closed at $16.98.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Texas Capital cut Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Finally, Noble Financial cut shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP David Johanson sold 2,100 shares of the stock in a transaction dated 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 directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Large investors have recently made changes to their positions in the stock. Financial Management Professionals Inc. acquired a new position in Great Lakes Dredge & Dock in the 4th quarter worth $25,000. MAI Capital Management boosted its position in Great Lakes Dredge & Dock by 79.2% during 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. Farther Finance Advisors LLC grew its stake in shares of Great Lakes Dredge & Dock by 231.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after acquiring an additional 1,474 shares in the last quarter. Strs Ohio bought a new position in Great Lakes Dredge & Dock in the first quarter valued at $45,000. Finally, State of Alaska Department of Revenue acquired a new stake in Great Lakes Dredge & Dock in the 3rd quarter valued at $46,000. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.26 and a beta of 1.38. The stock’s 50 day moving average price is $15.28 and its 200 day moving average price is $13.24. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73.

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

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.