Great Lakes Dredge & Dock (NASDAQ:GLDD) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Great Lakes Dredge & Dock (NASDAQ:GLDD) released its quarterly earnings data on Monday. The construction company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.10, Zacks reports. The company had revenue of $256.45 million during the quarter, compared to the consensus estimate of $216.30 million. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.71%.

Great Lakes Dredge & Dock Stock Down 0.1%

NASDAQ:GLDD traded down $0.02 during midday trading on Wednesday, reaching $16.93. The company had a trading volume of 118,058 shares, compared to its average volume of 1,534,725. Great Lakes Dredge & Dock has a 12-month low of $7.51 and a 12-month high of $16.99. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.28 and a beta of 1.42. The company has a current ratio of 1.20, a quick ratio of 1.06 and a debt-to-equity ratio of 0.83. The stock’s fifty day simple moving average is $14.80 and its 200-day simple moving average is $12.99.

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 sale, the senior vice president owned 91,963 shares of the company’s stock, valued at $1,283,803.48. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Great Lakes Dredge & Dock

Several hedge funds have recently added to or reduced their stakes in GLDD. Federated Hermes Inc. grew its holdings in Great Lakes Dredge & Dock by 43.5% during the 2nd quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after acquiring an additional 1,505 shares in the last quarter. Strs Ohio purchased a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth $45,000. Russell Investments Group Ltd. lifted its position in shares of Great Lakes Dredge & Dock by 5,519.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 9,160 shares of the construction company’s stock worth $112,000 after purchasing an additional 8,997 shares during the last quarter. Brevan Howard Capital Management LP acquired a new position in shares of Great Lakes Dredge & Dock during the third quarter worth $125,000. Finally, Royal Bank of Canada increased its holdings in Great Lakes Dredge & Dock by 19.4% in the fourth quarter. Royal Bank of Canada now owns 10,508 shares of the construction company’s stock valued at $138,000 after buying an additional 1,706 shares during the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Noble Financial lowered Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. Wall Street Zen lowered Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Texas Capital downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 11th. Zacks Research lowered Great Lakes Dredge & Dock from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings raised shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

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.