Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant drop in short interest in February. As of February 28th, there was short interest totalling 492,329 shares, a drop of 46.1% from the February 15th total of 913,113 shares. Based on an average trading volume of 1,361,026 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.8% of the shares of the stock are short sold.

Several brokerages recently commented on GLDD. BidaskClub downgraded shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 6th. ValuEngine downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. One analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $7.88.

In related news, Director Ryan Levenson sold 175,409 shares of Great Lakes Dredge & Dock stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $8.28, for a total value of $1,452,386.52. Following the transaction, the director now directly owns 35,816 shares of the company’s stock, valued at $296,556.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David E. Simonelli sold 22,500 shares of Great Lakes Dredge & Dock stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $8.19, for a total transaction of $184,275.00. Following the completion of the transaction, the insider now directly owns 324,621 shares in the company, valued at $2,658,645.99. The disclosure for this sale can be found here. Insiders have sold 1,444,957 shares of company stock worth $12,150,187 over the last three months. Insiders own 9.13% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in GLDD. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Great Lakes Dredge & Dock by 116.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,691 shares of the construction company’s stock valued at $31,000 after buying an additional 2,528 shares in the last quarter. Quantamental Technologies LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter valued at $34,000. Legal & General Group Plc boosted its holdings in shares of Great Lakes Dredge & Dock by 18.2% during the 4th quarter. Legal & General Group Plc now owns 10,782 shares of the construction company’s stock valued at $71,000 after buying an additional 1,658 shares in the last quarter. ClariVest Asset Management LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter valued at $83,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in shares of Great Lakes Dredge & Dock by 276.3% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 16,016 shares of the construction company’s stock valued at $106,000 after buying an additional 11,760 shares in the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.

Shares of NASDAQ GLDD opened at $8.39 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.09 and a debt-to-equity ratio of 1.50. Great Lakes Dredge & Dock has a 52 week low of $4.25 and a 52 week high of $9.10. The firm has a market capitalization of $525.60 million, a P/E ratio of 23.31 and a beta of 0.67.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Wednesday, February 20th. The construction company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.13. The business had revenue of $173.20 million for the quarter, compared to analysts’ expectations of $187.55 million. Great Lakes Dredge & Dock had a negative net margin of 0.93% and a positive return on equity of 6.99%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.14) earnings per share. On average, analysts anticipate that Great Lakes Dredge & Dock will post 0.46 earnings per share for the current fiscal year.

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About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved in capital dredging that consists of port expansion projects, coastal restoration and land reclamations, trench digging for pipelines, tunnels and cables, and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.

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