Great Lakes Dredge & Dock Corporation (GLDD) Downgraded to Sell at ValuEngine

ValuEngine cut shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) from a hold rating to a sell rating in a report released on Wednesday, July 12th.

Separately, Cantor Fitzgerald reiterated a buy rating and set a $6.50 target price on shares of Great Lakes Dredge & Dock Corporation in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $5.25.

Great Lakes Dredge & Dock Corporation (NASDAQ GLDD) remained flat at $3.80 during trading on Wednesday. 394,678 shares of the company’s stock traded hands. Great Lakes Dredge & Dock Corporation has a 52 week low of $3.05 and a 52 week high of $5.45. The stock’s market capitalization is $233.10 million. The company has a 50-day moving average price of $4.11 and a 200 day moving average price of $4.41.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) last released its earnings results on Wednesday, August 2nd. The construction company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. The business had revenue of $176.90 million for the quarter, compared to the consensus estimate of $201.70 million. Great Lakes Dredge & Dock Corporation had a positive return on equity of 1.00% and a negative net margin of 2.62%. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Equities research analysts expect that Great Lakes Dredge & Dock Corporation will post $0.05 earnings per share for the current year.

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A number of large investors have recently made changes to their positions in the company. Royce & Associates LP raised its stake in shares of Great Lakes Dredge & Dock Corporation by 1.6% in the second quarter. Royce & Associates LP now owns 1,027,468 shares of the construction company’s stock valued at $4,418,000 after buying an additional 16,500 shares during the period. Victory Capital Management Inc. raised its stake in shares of Great Lakes Dredge & Dock Corporation by 6.2% in the second quarter. Victory Capital Management Inc. now owns 271,721 shares of the construction company’s stock valued at $1,168,000 after buying an additional 15,780 shares during the period. KBC Group NV raised its stake in shares of Great Lakes Dredge & Dock Corporation by 10.6% in the second quarter. KBC Group NV now owns 33,784 shares of the construction company’s stock valued at $145,000 after buying an additional 3,238 shares during the period. Falcon Point Capital LLC purchased a new stake in shares of Great Lakes Dredge & Dock Corporation during the second quarter valued at $977,000. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Great Lakes Dredge & Dock Corporation by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 221,308 shares of the construction company’s stock valued at $952,000 after buying an additional 1,406 shares during the period. 73.10% of the stock is owned by institutional investors.

Great Lakes Dredge & Dock Corporation Company Profile

Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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