Brokerages Set Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) PT at $17.00

Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) have earned an average rating of “Hold” from the six analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $17.00.

A number of equities research analysts have commented on the company. Zacks Research raised Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 11th. Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Texas Capital cut Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, Noble Financial downgraded shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 12th.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD opened at $16.97 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $1.13 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38. The firm has a 50-day moving average price of $16.32 and a two-hundred day moving average price of $13.78. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $16.99.

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

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently modified their holdings of GLDD. Millennium Management LLC grew its stake in Great Lakes Dredge & Dock by 228.7% in the 3rd quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock worth $13,742,000 after acquiring an additional 797,411 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Great Lakes Dredge & Dock by 680.1% during 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 during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Great Lakes Dredge & Dock by 404.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock worth $6,000,000 after purchasing an additional 394,543 shares during the period. Simcoe Capital LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter worth $4,955,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Great Lakes Dredge & Dock by 120.9% in 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 during the period. Hedge funds and other institutional investors 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.