Great Lakes Dredge & Dock Corp. (GLDD) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
Several other equities research analysts have also recently weighed in on GLDD. DA Davidson reduced their price objective on Great Lakes Dredge & Dock Corp. from $5.00 to $4.00 and set a neutral rating on the stock in a research note on Friday, August 5th. Imperial Capital cut Great Lakes Dredge & Dock Corp. from an outperform rating to an in-line rating and reduced their price objective for the stock from $5.50 to $4.00 in a research note on Monday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $4.50.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) traded up 0.28% on Monday, hitting $3.63. The stock had a trading volume of 21,330 shares. The stock’s 50-day moving average is $3.71 and its 200 day moving average is $4.24. Great Lakes Dredge & Dock Corp. has a 1-year low of $2.96 and a 1-year high of $5.88. The firm’s market capitalization is $220.51 million.
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.04. Great Lakes Dredge & Dock Corp. had a negative return on equity of 2.50% and a negative net margin of 0.79%. The company had revenue of $192.19 million for the quarter, compared to the consensus estimate of $222.13 million. During the same period in the previous year, the firm earned $0.05 earnings per share. The company’s revenue was down 19.5% compared to the same quarter last year. On average, equities research analysts predict that Great Lakes Dredge & Dock Corp. will post ($0.02) earnings per share for the current fiscal year.
In related news, Director Robert B. Uhler bought 35,000 shares of the stock in a transaction on Tuesday, August 9th. The stock was bought at an average price of $4.02 per share, for a total transaction of $140,700.00. Following the completion of the acquisition, the director now directly owns 46,116 shares in the company, valued at $185,386.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.75% of the company’s stock.
A number of hedge funds have recently bought and sold shares of GLDD. KCG Holdings Inc. bought a new stake in Great Lakes Dredge & Dock Corp. during the second quarter worth $104,000. Metropolitan Life Insurance Co. NY raised its stake in Great Lakes Dredge & Dock Corp. by 1.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 45,003 shares of the company’s stock worth $201,000 after buying an additional 437 shares in the last quarter. Selz Capital LLC bought a new stake in Great Lakes Dredge & Dock Corp. during the second quarter worth $218,000. Picton Mahoney Asset Management bought a new stake in Great Lakes Dredge & Dock Corp. during the first quarter worth $219,000. Finally, GSA Capital Partners LLP raised its stake in Great Lakes Dredge & Dock Corp. by 20.3% in the second quarter. GSA Capital Partners LLP now owns 87,596 shares of the company’s stock worth $382,000 after buying an additional 14,800 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.
Great Lakes Dredge & Dock Corp. 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 in the United States.
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